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","Default",[],{"data":249,"content":3290,"nodeType":77},{"target":250},{"metadata":251,"sys":254,"fields":267},{"tags":252,"concepts":253},[],[],{"space":255,"id":257,"type":45,"createdAt":258,"updatedAt":259,"environment":260,"publishedVersion":262,"revision":263,"contentType":264,"locale":23},{"sys":256},{"type":11,"linkType":12,"id":13},"2wq2hD9vc2SI1q8Tx5jeHs","2026-07-02T14:15:55.580Z","2026-09-22T12:03:31.457Z",{"sys":261},{"id":19,"type":11,"linkType":20},26,6,{"sys":265},{"type":11,"linkType":51,"id":266},"articleListing",{"title":268,"type":269,"sorting":270,"displayType":271,"manualSelection":272},"Latest Articles","Others","Data (Newest First)","Grid",[273,751,1216,1753,2119,2366,2656],{"metadata":274,"sys":277,"fields":288},{"tags":275,"concepts":276},[],[],{"space":278,"id":280,"type":45,"createdAt":281,"updatedAt":281,"environment":282,"publishedVersion":284,"revision":22,"contentType":285,"locale":23},{"sys":279},{"type":11,"linkType":12,"id":13},"1wP6WcA8laUc40byQU4ckE","2026-09-22T12:03:31.404Z",{"sys":283},{"id":19,"type":11,"linkType":20},54,{"sys":286},{"type":11,"linkType":51,"id":287},"article",{"type":289,"title":290,"slug":291,"date":292,"featuredImage":293,"content":316,"showBanner":697,"authors":698},"Insight","The SDGs Turn 11, and It’s Time to Talk About Pensions","the-sdgs-turn-11-and-its-time-to-talk-about-pensions","2026-09-22T00:00+01:00",{"metadata":294,"sys":297,"fields":305},{"tags":295,"concepts":296},[],[],{"space":298,"id":300,"type":15,"createdAt":301,"updatedAt":302,"environment":303,"publishedVersion":139,"revision":123,"locale":23},{"sys":299},{"type":11,"linkType":12,"id":13},"6k316vTAWcZYQP5OPt4QPT","2026-09-22T11:54:12.037Z","2026-09-22T12:03:31.385Z",{"sys":304},{"id":19,"type":11,"linkType":20},{"title":306,"description":89,"file":307},"SDG Insight header",{"url":308,"details":309,"fileName":314,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6k316vTAWcZYQP5OPt4QPT\u002F886893e62744318507322d9d1f885247\u002FOption_1.jpg",{"size":310,"image":311},197667,{"width":312,"height":313},1422,948,"Option 1.jpg","image\u002Fjpeg",{"nodeType":73,"data":317,"content":318},{},[319,332,339,359,366,373,380,396,404,411,418,443,450,457,476,503,510,517,524,540,547,566,591,598,617,636,643,650,657,664],{"nodeType":84,"data":320,"content":321},{},[322,328],{"nodeType":88,"value":323,"marks":324,"data":327},"The contribution of pension systems to achieving the SDGs is usually limited to the benefits of pension income in poverty relief (SDG 1) and wellbeing (SDG 3) among the elderly. This is increasingly important, but there is a bigger picture too. By seeding the foundations of local capital markets and through innovative policies, pensions systems can contribute to at least nine SDGs - provided the right enabling conditions are in place and their central fiduciary duty is understood.",[325],{"type":326},"italic",{},{"nodeType":88,"value":329,"marks":330,"data":331}," ",[],{},{"nodeType":84,"data":333,"content":334},{},[335],{"nodeType":88,"value":336,"marks":337,"data":338},"Coinciding with UN General Assembly Week, this week marks 11 years since the UN launched the Sustainable Development Goals (SDGs) to guide and frame international development efforts up until 2030. ",[],{},{"nodeType":84,"data":340,"content":341},{},[342,346,355],{"nodeType":88,"value":343,"marks":344,"data":345},"We’ve seen some remarkable progress in that time, with 10% more of the global population covered by some form of social protection and malaria prevention efforts that have saved over 12 million lives. But despite these encouraging highlights, the UN has found that progress towards nearly ",[],{},{"nodeType":347,"data":348,"content":350},"hyperlink",{"uri":349},"https:\u002F\u002Fwww.un.org\u002Fsustainabledevelopment\u002Fdevelopment-goals\u002F",[351],{"nodeType":88,"value":352,"marks":353,"data":354},"two-thirds (64%)",[],{},{"nodeType":88,"value":356,"marks":357,"data":358}," of SDG targets is either marginal, stagnant or in recession.",[],{},{"nodeType":84,"data":360,"content":361},{},[362],{"nodeType":88,"value":363,"marks":364,"data":365},"It means we can say with some certainty that the SDGs will not be achieved by 2030 as originally hoped.  ",[],{},{"nodeType":84,"data":367,"content":368},{},[369],{"nodeType":88,"value":370,"marks":371,"data":372},"What’s more, the final years in this journey will unfold across one of the most challenging landscapes that the international development community has known. Funding streams for aid are drying up, foreign direct investment (FDI) into those countries most in need of development is receding, and rising security threats make global development ever harder. ",[],{},{"nodeType":84,"data":374,"content":375},{},[376],{"nodeType":88,"value":377,"marks":378,"data":379},"To make greater progress in tackling critical development issues like poverty and inequality we’re going to need to think differently. Both towards 2030 and beyond. ",[],{},{"nodeType":84,"data":381,"content":382},{},[383,387,392],{"nodeType":88,"value":384,"marks":385,"data":386},"In our upcoming paper: ",[],{},{"nodeType":88,"value":388,"marks":389,"data":391},"The Contribution Of Well-Designed Pension Systems To Progressing The Sustainable Development Goals,",[390],{"type":326},{},{"nodeType":88,"value":393,"marks":394,"data":395}," the Coller Pensions Institute (CPI) team explores the potential for pension systems to play a significantly larger role in catalysing progress towards some of the SDGs. ",[],{},{"nodeType":397,"data":398,"content":399},"heading-3",{},[400],{"nodeType":88,"value":401,"marks":402,"data":403},"What we talk about when we talk about pensions ",[],{},{"nodeType":84,"data":405,"content":406},{},[407],{"nodeType":88,"value":408,"marks":409,"data":410},"First, it is important to clarify that by pension systems, we mean the broad, macro-level framework of policies, rules and institutions through which nations provide retirement income. While pension models vary widely – from funded and unfunded schemes to public, private, employer and individual arrangements – the focus of this paper is on the potential role of funded, contributory pensions. That is, retirement schemes financed by contributions made by workers during working years. ",[],{},{"nodeType":84,"data":412,"content":413},{},[414],{"nodeType":88,"value":415,"marks":416,"data":417},"We also state very clearly in the paper that:  ",[],{},{"nodeType":419,"data":420,"content":421},"unordered-list",{},[422,433],{"nodeType":423,"data":424,"content":425},"list-item",{},[426],{"nodeType":84,"data":427,"content":428},{},[429],{"nodeType":88,"value":430,"marks":431,"data":432},"The primary duty of a pension system is always to ensure it delivers the retirement benefits that have been promised. It is not the responsibility of pension systems or the wider investment community to deliver the SDGs.",[],{},{"nodeType":423,"data":434,"content":435},{},[436],{"nodeType":84,"data":437,"content":438},{},[439],{"nodeType":88,"value":440,"marks":441,"data":442},"The ability of a pension system to contribute to development depends on a range of enabling conditions, which vary by country, population and local context. Key enabling conditions include trusted and accountable governance, administrative competence, and macroeconomic and fiscal stability. ",[],{},{"nodeType":84,"data":444,"content":445},{},[446],{"nodeType":88,"value":447,"marks":448,"data":449},"But while the primary responsibility for delivering development rests with governments, public institutions and international organisations, the scale and complexity of today’s development challenges mean the public sector cannot deliver them alone. Can pension systems do more to assist development?  ",[],{},{"nodeType":397,"data":451,"content":452},{},[453],{"nodeType":88,"value":454,"marks":455,"data":456},"The narrow view ",[],{},{"nodeType":84,"data":458,"content":459},{},[460,464,472],{"nodeType":88,"value":461,"marks":462,"data":463},"First and foremost, pensions provide an income to many of the world’s more than 800 million people aged 65 and over (and a large number of younger people), helping to prevent many from falling into poverty after retirement (contributing to SDG 1). Pension coverage remains highly unequal, however, with only 12.7% of those above statutory retirement age receiving any kind of pension in low-income countries, according to ",[],{},{"nodeType":347,"data":465,"content":467},{"uri":466},"https:\u002F\u002Fwww.social-protection.org\u002Fgimi\u002FWSPDB.action?id=58",[468],{"nodeType":88,"value":469,"marks":470,"data":471},"the ILO",[],{},{"nodeType":88,"value":473,"marks":474,"data":475},", compared to almost universal coverage in high-income countries. ",[],{},{"nodeType":84,"data":477,"content":478},{},[479,483,487,491,499],{"nodeType":88,"value":480,"marks":481,"data":482},"The income a pension provides can also improve health and well-being in old age (contributing to SDG 3).",[],{},{"nodeType":88,"value":329,"marks":484,"data":486},[485],{"type":326},{},{"nodeType":88,"value":488,"marks":489,"data":490},"For example, a ",[],{},{"nodeType":347,"data":492,"content":494},{"uri":493},"https:\u002F\u002Fwww.aeaweb.org\u002Farticles?id=10.1257\u002Fapp.20170789",[495],{"nodeType":88,"value":496,"marks":497,"data":498},"notable study",[],{},{"nodeType":88,"value":500,"marks":501,"data":502}," shows that the New Rural Pension Scheme in China increased income of the elderly and reduced the mortality rate for those over 65 by an estimated 12%.  ",[],{},{"nodeType":84,"data":504,"content":505},{},[506],{"nodeType":88,"value":507,"marks":508,"data":509},"The importance of these contributions is only set to increase. The global 65+ population is projected to increase to over 2 billion by 2070 due to population ageing, and secondly, trends in low- and middle-income countries (LMICs) suggest fewer elderly people will be substantially supported by their family, both financially and in terms of care –increasing the need for private saving for retirement. ",[],{},{"nodeType":397,"data":511,"content":512},{},[513],{"nodeType":88,"value":514,"marks":515,"data":516},"The bigger picture",[],{},{"nodeType":84,"data":518,"content":519},{},[520],{"nodeType":88,"value":521,"marks":522,"data":523},"Beyond these benefits, the paper also looks at the broader role that pension systems can play in fostering the conditions for sustainable development.  ",[],{},{"nodeType":84,"data":525,"content":526},{},[527,531,536],{"nodeType":88,"value":528,"marks":529,"data":530},"It finds that, where",[],{},{"nodeType":88,"value":329,"marks":532,"data":535},[533],{"type":534},"bold",{},{"nodeType":88,"value":537,"marks":538,"data":539},"the right conditions are in place, pension systems could be better harnessed to catalyse progress towards development goals such as fostering decent work and economic growth (SDG 8), building resilient infrastructure (SDG 9), and reducing inequalities (SDG 5 and 10). However, it is important to note that, as mentioned previously, firstly that funded pensions support development only if a set of conditions are met. Secondly, the interests of the savers must always come first. ",[],{},{"nodeType":84,"data":541,"content":542},{},[543],{"nodeType":88,"value":544,"marks":545,"data":546},"For example, the paper examines how funded pension systems can create pools of long-term domestic capital that can contribute to capital market development.  ",[],{},{"nodeType":84,"data":548,"content":549},{},[550,554,562],{"nodeType":88,"value":551,"marks":552,"data":553},"Botswana is an illustration of this. ",[],{},{"nodeType":347,"data":555,"content":557},{"uri":556},"https:\u002F\u002Fwww.elibrary.imf.org\u002Fview\u002Fjournals\u002F002\u002F2023\u002F336\u002Farticle-A001-en.xml",[558],{"nodeType":88,"value":559,"marks":560,"data":561},"IMF research",[],{},{"nodeType":88,"value":563,"marks":564,"data":565}," suggests that Botswana’s introduction of mandatory occupational pension schemes in 2001 was a key driver of financial sector growth which in turn helped the national economy diversify from a historical reliance on diamond mining, build the strength of the Botswana Stock Exchange and help fund infrastructure development.",[],{},{"nodeType":567,"data":568,"content":590},"embedded-asset-block",{"target":569},{"metadata":570,"sys":573,"fields":580},{"tags":571,"concepts":572},[],[],{"space":574,"id":576,"type":15,"createdAt":577,"updatedAt":577,"environment":578,"publishedVersion":21,"revision":22,"locale":23},{"sys":575},{"type":11,"linkType":12,"id":13},"1KIgnj6lcnAsYW9ahig9df","2026-09-22T12:03:31.382Z",{"sys":579},{"id":19,"type":11,"linkType":20},{"title":581,"description":89,"file":582},"SDG Insight image",{"url":583,"details":584,"fileName":589,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F1KIgnj6lcnAsYW9ahig9df\u002F5986c2f3055d09a63a179a95b4daea43\u002FIn_Blog_1__1_.jpg",{"size":585,"image":586},206335,{"width":587,"height":588},1349,899,"In Blog 1 (1).jpg",[],{"nodeType":84,"data":592,"content":593},{},[594],{"nodeType":88,"value":595,"marks":596,"data":597},"Similar examples are explored in South Africa, where the manager of the country’s largest pension fund has invested in property developments in historically underserved areas such as the townships, as well as supporting poverty reduction efforts like the R3.9 million ($0.25m) programme to improve sanitary conditions for more than 1,650 learners (pictured). ",[],{},{"nodeType":84,"data":599,"content":600},{},[601,605,613],{"nodeType":88,"value":602,"marks":603,"data":604},"We’ve also seen pension systems catalyze funding for climate action (SDG 13). In Denmark, for example, the country’s pension industry ",[],{},{"nodeType":347,"data":606,"content":608},{"uri":607},"https:\u002F\u002Faipmanagement.dk\u002Fwp-content\u002Fuploads\u002F2024\u002F09\u002Fleading-the-way-danish-pension-funds-in-global-energy-transition.pdf",[609],{"nodeType":88,"value":610,"marks":611,"data":612},"pledged to invest US$65bn",[],{},{"nodeType":88,"value":614,"marks":615,"data":616}," in renewable energy infrastructure and related sustainable initiatives in 2019 and has since supported renewable energy projects around the world, from large-scale solar parks to innovative wind and solar initiatives. ",[],{},{"nodeType":84,"data":618,"content":619},{},[620,624,632],{"nodeType":88,"value":621,"marks":622,"data":623},"Pensions, finally, are also a policy area for progress on gender and wider inequality. Women generally receive much lower pension income than men (",[],{},{"nodeType":347,"data":625,"content":627},{"uri":626},"https:\u002F\u002Fwww.bruegel.org\u002Fsites\u002Fdefault\u002Ffiles\u002F2025-10\u002FWP%2024%202025_1.pdf",[628],{"nodeType":88,"value":629,"marks":630,"data":631},"in the EU in 2023, for example",[],{},{"nodeType":88,"value":633,"marks":634,"data":635},", the average gross pension income was 25.3% lower for women), but better policy can reduce this gap. In Canada, for instance, the largest pension fund (CPP) offers provisions to prevent women from losing retirement savings, and the compound investment returns they generate, while undertaking maternity leave. ",[],{},{"nodeType":397,"data":637,"content":638},{},[639],{"nodeType":88,"value":640,"marks":641,"data":642},"A golden opportunity, not a silver bullet",[],{},{"nodeType":84,"data":644,"content":645},{},[646],{"nodeType":88,"value":647,"marks":648,"data":649},"It is clear that pension schemes are not a substitute for aid, public investment or foreign direct investment, and they should not be directed towards development priorities at the expense of members’ interests. Successful approaches require trusted and accountable institutions, effective regulation and other enabling conditions to be in place. ",[],{},{"nodeType":84,"data":651,"content":652},{},[653],{"nodeType":88,"value":654,"marks":655,"data":656},"But governments can better harness pension systems to seed the foundations of local capital markets and pay a ‘development dividend’ that helps the development community meet the severe and interconnected challenges they face, from constrained public budgets to rapidly ageing populations.  ",[],{},{"nodeType":84,"data":658,"content":659},{},[660],{"nodeType":88,"value":661,"marks":662,"data":663},"As attention increasingly turns to the development agenda beyond 2030, pension policy should become a more prominent part of the international development discussion.  ",[],{},{"nodeType":84,"data":665,"content":666},{},[667,672,676,681,685,693],{"nodeType":88,"value":668,"marks":669,"data":671},"---",[670],{"type":534},{},{"nodeType":88,"value":673,"marks":674,"data":675}," \n",[],{},{"nodeType":88,"value":677,"marks":678,"data":680},"‘The Contribution Of Well-Designed Pension Systems To Progressing The Sustainable Development Goals’ ",[679],{"type":326},{},{"nodeType":88,"value":682,"marks":683,"data":684},"will be released on 30 September and will be available ",[],{},{"nodeType":347,"data":686,"content":688},{"uri":687},"https:\u002F\u002Fwww.collerpensionsinstitute.org\u002Four-research\u002Fwhitepapers",[689],{"nodeType":88,"value":690,"marks":691,"data":692},"here",[],{},{"nodeType":88,"value":694,"marks":695,"data":696},".",[],{},false,[699],{"metadata":700,"sys":703,"fields":714},{"tags":701,"concepts":702},[],[],{"space":704,"id":706,"type":45,"createdAt":707,"updatedAt":708,"environment":709,"publishedVersion":66,"revision":123,"contentType":711,"locale":23},{"sys":705},{"type":11,"linkType":12,"id":13},"1W7n96InHfn4IMKCvvXcey","2025-11-26T15:25:39.773Z","2026-04-07T11:20:57.095Z",{"sys":710},{"id":19,"type":11,"linkType":20},{"sys":712},{"type":11,"linkType":51,"id":713},"teamMember",{"name":715,"image":716,"jobTitle":738,"department":739,"biography":741},"Dr. David Pinkus",{"metadata":717,"sys":720,"fields":729},{"tags":718,"concepts":719},[],[],{"space":721,"id":723,"type":15,"createdAt":724,"updatedAt":725,"environment":726,"publishedVersion":728,"revision":123,"locale":23},{"sys":722},{"type":11,"linkType":12,"id":13},"79aPpLhSz5BEOvF9s5pEHg","2026-02-06T13:19:53.619Z","2026-07-01T12:52:12.692Z",{"sys":727},{"id":19,"type":11,"linkType":20},7,{"title":730,"description":89,"file":731},"Dr David",{"url":732,"details":733,"fileName":737,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F79aPpLhSz5BEOvF9s5pEHg\u002Ffabc0fe38f7bcaf0a66434b836e44f57\u002FDavid-s_new_headshot_headshot.png",{"size":734,"image":735},1896514,{"width":736,"height":736},1700,"David-s new headshot headshot.png","Executive Director",[740],"Institute Team",{"nodeType":73,"data":742,"content":743},{},[744],{"nodeType":84,"data":745,"content":746},{},[747],{"nodeType":88,"value":748,"marks":749,"data":750},"Dr. David Pinkus is the Executive Director of the Coller Pensions Institute. His research focuses on the relationship between pension systems and the real economy, as well as challenges to pension coverage. Previously, David worked on issues related to pensions, demography, and capital markets as an Affiliate Fellow at Bruegel, an economic policy think tank in Brussels. He has also worked at the OECD, researching policies to enable institutional investors to finance infrastructure. He holds a PhD in Economics from Copenhagen Business School and is affiliated with its Pension Research Centre (PeRCent).",[],{},{"metadata":752,"sys":755,"fields":765},{"tags":753,"concepts":754},[],[],{"space":756,"id":758,"type":45,"createdAt":759,"updatedAt":759,"environment":760,"publishedVersion":762,"revision":22,"contentType":763,"locale":23},{"sys":757},{"type":11,"linkType":12,"id":13},"1TctE2aSYYrwXewbOWXGWk","2026-09-15T08:05:36.724Z",{"sys":761},{"id":19,"type":11,"linkType":20},23,{"sys":764},{"type":11,"linkType":51,"id":287},{"type":289,"title":766,"slug":767,"date":768,"featuredImage":769,"content":790,"showBanner":697,"authors":1102,"relatedArticles":1150},"UK Pension Awareness Day: Your Future Self Will Thank You – Why It Pays to Know Your Pension","uk-pension-awareness-day-your-future-self-will-thank-you-why-it-pays-to-know-your-pension","2026-09-15T00:00+01:00",{"metadata":770,"sys":773,"fields":780},{"tags":771,"concepts":772},[],[],{"space":774,"id":776,"type":15,"createdAt":777,"updatedAt":777,"environment":778,"publishedVersion":263,"revision":22,"locale":23},{"sys":775},{"type":11,"linkType":12,"id":13},"XmKce8CTLkAXEswU329HX","2026-09-15T08:05:26.952Z",{"sys":779},{"id":19,"type":11,"linkType":20},{"title":781,"description":89,"file":782},"UK Pensions Awareness Insight Header",{"url":783,"details":784,"fileName":789,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002FXmKce8CTLkAXEswU329HX\u002F811f1aed4eb87c8e272ee14dbe5942ab\u002FHeader_Image__1_.jpg",{"size":785,"image":786},615006,{"width":787,"height":788},2121,1414,"Header Image (1).jpg",{"nodeType":73,"data":791,"content":792},{},[793,800,807,823,830,849,868,875,882,889,896,903,935,942,949,956,963,970,986,993,1000,1007,1014,1033,1040,1047,1054,1061,1077,1085,1096],{"nodeType":84,"data":794,"content":795},{},[796],{"nodeType":88,"value":797,"marks":798,"data":799},"For many people, pensions sit firmly in the category of things to worry about another day. ",[],{},{"nodeType":84,"data":801,"content":802},{},[803],{"nodeType":88,"value":804,"marks":805,"data":806},"If you are in your twenties or thirties, retirement can seem a million miles away. In your forties and fifties, there are often more immediate financial demands. And pensions themselves can appear complicated, full of unfamiliar jargon and easier to ignore than understand. ",[],{},{"nodeType":84,"data":808,"content":809},{},[810,814,819],{"nodeType":88,"value":811,"marks":812,"data":813},"But on Pension Awareness Day, I would encourage everyone to do one simple thing: ",[],{},{"nodeType":88,"value":815,"marks":816,"data":818},"spend a little time getting to know your pension.",[817],{"type":534},{},{"nodeType":88,"value":820,"marks":821,"data":822}," You don't need to become a pensions expert. But there are a few things everyone should know. ",[],{},{"nodeType":397,"data":824,"content":825},{},[826],{"nodeType":88,"value":827,"marks":828,"data":829},"First, find out what you have. ",[],{},{"nodeType":84,"data":831,"content":832},{},[833,837,845],{"nodeType":88,"value":834,"marks":835,"data":836},"Most of us will have several jobs during our working lives, and changing jobs can mean accumulating several different pension pots. According to the ",[],{},{"nodeType":347,"data":838,"content":840},{"uri":839},"https:\u002F\u002Fwww.pensionspolicyinstitute.org.uk\u002Fresearch-library\u002Fresearch-reports\u002F2024\u002Fbriefing-note-138-lost-pensions-2024\u002F",[841],{"nodeType":88,"value":842,"marks":843,"data":844},"Pensions Policy Institute",[],{},{"nodeType":88,"value":846,"marks":847,"data":848},", there are an estimated 3.3 million lost pension pots in the UK, containing £31.1 billion in assets. That’s a lot of lost money. ",[],{},{"nodeType":84,"data":850,"content":851},{},[852,856,864],{"nodeType":88,"value":853,"marks":854,"data":855},"So, find your accounts. Check how much is in them and where they are invested. If you have lost track of a pension from a previous employer, the ",[],{},{"nodeType":347,"data":857,"content":859},{"uri":858},"https:\u002F\u002Fwww.gov.uk\u002Ffind-pension-contact-details",[860],{"nodeType":88,"value":861,"marks":862,"data":863},"Government's Pension Tracing Service",[],{},{"nodeType":88,"value":865,"marks":866,"data":867}," can help. ",[],{},{"nodeType":84,"data":869,"content":870},{},[871],{"nodeType":88,"value":872,"marks":873,"data":874},"Once you know what you have, consider whether bringing some of your pensions together would make them easier to manage. Remember, pensions come with fees and charges, and holding multiple pots may mean paying charges across several accounts. Over many years, fees can erode your retirement savings. ",[],{},{"nodeType":84,"data":876,"content":877},{},[878],{"nodeType":88,"value":879,"marks":880,"data":881},"Consolidation will not be right for everyone – some pensions have valuable benefits or guarantees that can be lost on transfer – but having a clear picture of your overall savings is an important starting point. ",[],{},{"nodeType":397,"data":883,"content":884},{},[885],{"nodeType":88,"value":886,"marks":887,"data":888},"Second, know how much is going in.",[],{},{"nodeType":84,"data":890,"content":891},{},[892],{"nodeType":88,"value":893,"marks":894,"data":895},"Automatic enrolment has been one of the great successes of UK pension policy. Millions more people are now saving into workplace pensions because of it. ",[],{},{"nodeType":84,"data":897,"content":898},{},[899],{"nodeType":88,"value":900,"marks":901,"data":902},"But getting people into pensions is only half the job. ",[],{},{"nodeType":84,"data":904,"content":905},{},[906,910,918,922,931],{"nodeType":88,"value":907,"marks":908,"data":909},"At the ",[],{},{"nodeType":347,"data":911,"content":913},{"uri":912},"https:\u002F\u002Fwww.collerpensionsinstitute.org\u002F",[914],{"nodeType":88,"value":915,"marks":916,"data":917},"Coller Pensions Institute",[],{},{"nodeType":88,"value":919,"marks":920,"data":921},", our research, ",[],{},{"nodeType":347,"data":923,"content":925},{"uri":924},"https:\u002F\u002Fwww.collerpensionsinstitute.org\u002Four-research\u002Fwhitepapers\u002Fuk-pensions-opportunities-and-challenges",[926],{"nodeType":88,"value":927,"marks":928,"data":930},"UK Pensions: Opportunities and Challenges",[929],{"type":326},{},{"nodeType":88,"value":932,"marks":933,"data":934},", highlights a significant challenge: current minimum contribution rates are unlikely to provide an adequate retirement income for many people. ",[],{},{"nodeType":84,"data":936,"content":937},{},[938],{"nodeType":88,"value":939,"marks":940,"data":941},"Being automatically enrolled shouldn't mean automatically assuming you are saving enough. ",[],{},{"nodeType":84,"data":943,"content":944},{},[945],{"nodeType":88,"value":946,"marks":947,"data":948},"Look at your payslip or pension statement. How much are you contributing? How much is your employer contributing? And importantly, will your employer contribute more if you do? ",[],{},{"nodeType":84,"data":950,"content":951},{},[952],{"nodeType":88,"value":953,"marks":954,"data":955},"Some employers offer contribution matching. If yours does, increasing your contribution may unlock additional money from your employer. It’s a no-brainer – money for jam! It is definitely worth knowing whether you are taking full advantage of what is available. ",[],{},{"nodeType":397,"data":957,"content":958},{},[959],{"nodeType":88,"value":960,"marks":961,"data":962},"Third, understand the extraordinary advantage of starting early. ",[],{},{"nodeType":84,"data":964,"content":965},{},[966],{"nodeType":88,"value":967,"marks":968,"data":969},"For younger workers especially, retirement can feel impossibly distant. But when it comes to pensions, time is one of your greatest assets. ",[],{},{"nodeType":84,"data":971,"content":972},{},[973,977,982],{"nodeType":88,"value":974,"marks":975,"data":976},"That is because of the ",[],{},{"nodeType":88,"value":978,"marks":979,"data":981},"power of compounding",[980],{"type":534},{},{"nodeType":88,"value":983,"marks":984,"data":985},". Money invested today can earn investment returns; those returns remain invested and can themselves generate further returns. Over decades, the effect can be significant. ",[],{},{"nodeType":84,"data":987,"content":988},{},[989],{"nodeType":88,"value":990,"marks":991,"data":992},"Relatively small amounts saved consistently when you are young can therefore make a meaningful difference later. For example, a £4 takeaway coffee each working day adds up to £20 a week. Invest that same £20 a week for 20 years and, assuming an average annual return of 5%, it could grow to around £36,000.* That’s a lot of coffees to buy in retirement. ",[],{},{"nodeType":397,"data":994,"content":995},{},[996],{"nodeType":88,"value":997,"marks":998,"data":999},"Finally, ask yourself what you are actually saving for. ",[],{},{"nodeType":84,"data":1001,"content":1002},{},[1003],{"nodeType":88,"value":1004,"marks":1005,"data":1006},"A pension isn't simply a pot of money with a number attached to it. Its purpose is to provide an income in retirement. ",[],{},{"nodeType":84,"data":1008,"content":1009},{},[1010],{"nodeType":88,"value":1011,"marks":1012,"data":1013},"That is also the central argument in CPI's work on UK pension reform. Pension systems have many competing objectives, but their primary purpose must remain providing people with adequate and secure retirement incomes. ",[],{},{"nodeType":84,"data":1015,"content":1016},{},[1017,1021,1029],{"nodeType":88,"value":1018,"marks":1019,"data":1020},"Knowing your pension balance is useful, but knowing what sort of retirement income it might eventually provide is much more useful. The ",[],{},{"nodeType":347,"data":1022,"content":1024},{"uri":1023},"https:\u002F\u002Fwww.retirementlivingstandards.org.uk\u002F",[1025],{"nodeType":88,"value":1026,"marks":1027,"data":1028},"UK Retirement Living Standards",[],{},{"nodeType":88,"value":1030,"marks":1031,"data":1032}," provide estimates of what different standards of living in retirement might cost. ",[],{},{"nodeType":84,"data":1034,"content":1035},{},[1036],{"nodeType":88,"value":1037,"marks":1038,"data":1039},"You may not know exactly what your retirement will look like, but having some idea of what you are aiming for makes it easier to judge whether you are on track. ",[],{},{"nodeType":84,"data":1041,"content":1042},{},[1043],{"nodeType":88,"value":1044,"marks":1045,"data":1046},"Government, employers and the pensions industry also have an important role. At CPI, we have argued for higher minimum contributions, better pension portability and consolidation and measures to address gaps in pension coverage. Individuals cannot be expected to solve shortcomings in the pension system themselves. ",[],{},{"nodeType":84,"data":1048,"content":1049},{},[1050],{"nodeType":88,"value":1051,"marks":1052,"data":1053},"But we can all become more engaged with the savings being accumulated in our name. ",[],{},{"nodeType":84,"data":1055,"content":1056},{},[1057],{"nodeType":88,"value":1058,"marks":1059,"data":1060},"So, this Pension Awareness Day, take a few minutes. Find your pensions. Check your balance. Look at how much you and your employer are contributing. Find out whether you could receive a higher employer contribution. Consider whether your different pots should be consolidated. ",[],{},{"nodeType":84,"data":1062,"content":1063},{},[1064,1068,1073],{"nodeType":88,"value":1065,"marks":1066,"data":1067},"And ask the most important question of all: ",[],{},{"nodeType":88,"value":1069,"marks":1070,"data":1072},"am I on track for the retirement I want?",[1071],{"type":534},{},{"nodeType":88,"value":1074,"marks":1075,"data":1076}," ",[],{},{"nodeType":84,"data":1078,"content":1079},{},[1080],{"nodeType":88,"value":1081,"marks":1082,"data":1084},"Your future self may be very glad you did. ",[1083],{"type":534},{},{"nodeType":84,"data":1086,"content":1087},{},[1088,1093],{"nodeType":88,"value":1089,"marks":1090,"data":1092},"*Illustrative example only. Investment returns are not guaranteed and actual outcomes will be affected by factors including fees, charges and investment performance.",[1091],{"type":326},{},{"nodeType":88,"value":1074,"marks":1094,"data":1095},[],{},{"nodeType":84,"data":1097,"content":1098},{},[1099],{"nodeType":88,"value":1074,"marks":1100,"data":1101},[],{},[1103],{"metadata":1104,"sys":1107,"fields":1116},{"tags":1105,"concepts":1106},[],[],{"space":1108,"id":1110,"type":45,"createdAt":1111,"updatedAt":1111,"environment":1112,"publishedVersion":263,"revision":22,"contentType":1114,"locale":23},{"sys":1109},{"type":11,"linkType":12,"id":13},"7yPGVkudJBA9AXNGsaidMF","2025-11-26T15:25:39.792Z",{"sys":1113},{"id":19,"type":11,"linkType":20},{"sys":1115},{"type":11,"linkType":51,"id":713},{"name":1117,"image":1118,"jobTitle":1138,"department":1139,"biography":1140},"Fiona Reynolds",{"metadata":1119,"sys":1122,"fields":1129},{"tags":1120,"concepts":1121},[],[],{"space":1123,"id":1125,"type":15,"createdAt":1126,"updatedAt":1126,"environment":1127,"publishedVersion":104,"revision":22,"locale":23},{"sys":1124},{"type":11,"linkType":12,"id":13},"3ZFWlFiIUVk8843PduHyzB","2026-02-06T13:19:53.623Z",{"sys":1128},{"id":19,"type":11,"linkType":20},{"title":1130,"description":89,"file":1131},"Fiona",{"url":1132,"details":1133,"fileName":1137,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F3ZFWlFiIUVk8843PduHyzB\u002F3ca794176457b138b9f1575452a14e80\u002FFiona.jpg",{"size":1134,"image":1135},1361230,{"width":1136,"height":1136},2048,"Fiona.jpg","President",[740],{"nodeType":73,"data":1141,"content":1142},{},[1143],{"nodeType":84,"data":1144,"content":1145},{},[1146],{"nodeType":88,"value":1147,"marks":1148,"data":1149},"Fiona, who is based in Australia, brings 30 years’ experience in the financial services, superannuation, and pension sector including most recently a decade at the helm of the PRI. Fiona holds several leadership roles with other sustainable finance related organisations including President of FAIRR, Chair of the UN Global Compact (Australia) and serving on several boards including Frontier Advisors, the Australian Sustainable Finance Institute, and the Achieve Foundation. She also has a range of roles on advisory boards across the sustainability sector.",[],{},[1151],{"metadata":1152,"sys":1155,"fields":1165},{"tags":1153,"concepts":1154},[],[],{"space":1156,"id":1158,"type":45,"createdAt":1159,"updatedAt":1159,"environment":1160,"publishedVersion":1162,"revision":22,"contentType":1163,"locale":23},{"sys":1157},{"type":11,"linkType":12,"id":13},"4x7wjijeDrWhAaAwl6XicD","2026-03-19T12:00:14.393Z",{"sys":1161},{"id":19,"type":11,"linkType":20},9,{"sys":1164},{"type":11,"linkType":51,"id":287},{"type":1166,"title":927,"slug":1167,"date":1168,"featuredImage":1169,"excerpt":1190,"content":1191,"showBanner":697,"downloads":1215},"Whitepapers","uk-pensions-opportunities-and-challenges","2025-01-15T00:00+00:00",{"metadata":1170,"sys":1173,"fields":1180},{"tags":1171,"concepts":1172},[],[],{"space":1174,"id":1176,"type":15,"createdAt":1177,"updatedAt":1177,"environment":1178,"publishedVersion":104,"revision":22,"locale":23},{"sys":1175},{"type":11,"linkType":12,"id":13},"4Lzi15E3DAWUxvnig2OvDo","2026-02-06T13:19:53.532Z",{"sys":1179},{"id":19,"type":11,"linkType":20},{"title":1181,"description":89,"file":1182},"UK Pensions- Opportunities and Challenges",{"url":1183,"details":1184,"fileName":1189,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F4Lzi15E3DAWUxvnig2OvDo\u002Fd12750f50f6752aa8c421fcd668683b2\u002FUK_Pensions-_Opportunities_and_Challenges.jpg",{"size":1185,"image":1186},735845,{"width":1187,"height":1188},1888,2504,"UK Pensions- Opportunities and Challenges.jpg","In this paper, the UK pension system is examined, highlighting its significant challenges, including high fragmentation, low contribution rates, insufficient state pensions, and inadequate coverage for specific demographic groups. The paper traces the historical evolution of pensions, particularly the shift from Defined Benefit (DB) to Defined Contribution (DC) schemes, and discusses the impact of global financial crises. It advocates for comprehensive reforms such as consolidating pension schemes, increasing contribution rates, and fostering domestic investment. The authors also propose a more strategic, purpose-driven system to ensure financial security. This draft will be updated with a final paper before the end of 2024.",{"data":1192,"content":1193,"nodeType":73},{},[1194,1202,1209],{"data":1195,"content":1196,"nodeType":1201},{},[1197],{"data":1198,"marks":1199,"value":1200,"nodeType":88},{},[],"Overview","heading-2",{"data":1203,"content":1204,"nodeType":84},{},[1205],{"data":1206,"marks":1207,"value":1208,"nodeType":88},{},[],"In this paper, the UK pension system is examined, highlighting its significant challenges, including high fragmentation, low contribution rates, insufficient state pensions, and inadequate coverage for specific demographic groups. The paper traces the historical evolution of pensions, particularly the shift from Defined Benefit (DB) to Defined Contribution (DC) schemes, and discusses the impact of global financial crises. It advocates for comprehensive reforms such as consolidating pension schemes, increasing contribution rates, and fostering domestic investment. The authors also propose a more strategic, purpose-driven system to ensure financial security. This draft will be updated with a final paper before the end of 2024. ",{"data":1210,"content":1211,"nodeType":84},{},[1212],{"data":1213,"marks":1214,"value":89,"nodeType":88},{},[],[],{"metadata":1217,"sys":1220,"fields":1230},{"tags":1218,"concepts":1219},[],[],{"space":1221,"id":1223,"type":45,"createdAt":1224,"updatedAt":1224,"environment":1225,"publishedVersion":1227,"revision":22,"contentType":1228,"locale":23},{"sys":1222},{"type":11,"linkType":12,"id":13},"1w0015GC3la5Td6DEUlan7","2026-08-14T12:18:32.124Z",{"sys":1226},{"id":19,"type":11,"linkType":20},32,{"sys":1229},{"type":11,"linkType":51,"id":287},{"type":289,"title":1231,"slug":1232,"date":1233,"featuredImage":1234,"content":1255,"showBanner":697,"authors":1682},"Baobabs, Flexibility and Trust: Unlocking US$1.43 Trillion for African Development","baobabs-flexibility-and-trust-unlocking-us1-43-trillion-for-african-development","2026-08-17T00:00+01:00",{"metadata":1235,"sys":1238,"fields":1245},{"tags":1236,"concepts":1237},[],[],{"space":1239,"id":1241,"type":15,"createdAt":1242,"updatedAt":1242,"environment":1243,"publishedVersion":21,"revision":22,"locale":23},{"sys":1240},{"type":11,"linkType":12,"id":13},"9ROmOarc2GqxY3GRbBKoc","2026-08-14T12:18:32.094Z",{"sys":1244},{"id":19,"type":11,"linkType":20},{"title":1246,"description":89,"file":1247},"Baobabs Insight Header Image",{"url":1248,"details":1249,"fileName":1254,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F9ROmOarc2GqxY3GRbBKoc\u002F95a555d28e8704d5b6e13e3b928da416\u002FHeader_Image.jpg",{"size":1250,"image":1251},199250,{"width":1252,"height":1253},1283,859,"Header Image.jpg",{"data":1256,"content":1257,"nodeType":73},{},[1258,1277,1286,1310,1329,1345,1352,1359,1375,1387,1411,1430,1460,1472,1497,1515,1544,1563,1593,1612,1619,1632,1651,1658,1675],{"data":1259,"content":1260,"nodeType":84},{},[1261,1265,1273],{"data":1262,"marks":1263,"value":1264,"nodeType":88},{},[],"A key point of discussion at the Annual Conference of African Pension Regulators held in Ghana, 29 - 31 July 2026, attended by the Coller Pensions Institute team, was research from the ",{"data":1266,"content":1268,"nodeType":347},{"uri":1267},"https:\u002F\u002Fwww.afdb.org\u002Fen\u002Fdocuments\u002Fafrican-economic-outlook-2026-highlights",[1269],{"data":1270,"marks":1271,"value":1272,"nodeType":88},{},[],"African Development Bank (AfDB)",{"data":1274,"marks":1275,"value":1276,"nodeType":88},{},[]," suggesting that expanded and improved pension systems could help the continent to unlock up to US$1.43 trillion annually to promote development and growth.",{"data":1278,"content":1279,"nodeType":84},{},[1280],{"data":1281,"marks":1282,"value":1285,"nodeType":88},{},[1283,1284],{"type":326},{"type":534},"The Baobab tree: an analogy for pension development in the region",{"data":1287,"content":1309,"nodeType":567},{"target":1288},{"metadata":1289,"sys":1292,"fields":1299},{"tags":1290,"concepts":1291},[],[],{"space":1293,"id":1295,"type":15,"createdAt":1296,"updatedAt":1296,"environment":1297,"publishedVersion":21,"revision":22,"locale":23},{"sys":1294},{"type":11,"linkType":12,"id":13},"65UKeDRWcMqe9NrtYxhYzF","2026-08-14T12:18:32.092Z",{"sys":1298},{"id":19,"type":11,"linkType":20},{"title":1300,"description":89,"file":1301},"Baobabs insight image 1",{"url":1302,"details":1303,"fileName":1308,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F65UKeDRWcMqe9NrtYxhYzF\u002Fa770923476c642b42e5e12c85a0db639\u002FIn_Blog_1.jpg",{"size":1304,"image":1305},50526,{"width":1306,"height":1307},552,369,"In Blog 1.jpg",[],{"data":1311,"content":1312,"nodeType":84},{},[1313,1317,1325],{"data":1314,"marks":1315,"value":1316,"nodeType":88},{},[],"Perhaps the most compelling illustration of the critical role pension systems can play in this challenge was the analogy of the baobab tree. The tree is an iconic sub-Saharan African tree, characterised by a massive trunk, thick branches, and exceptional lifespan. It can store vast amounts of water, up to 120,000 litres, defying the desert and making it key for ",{"data":1318,"content":1320,"nodeType":347},{"uri":1319},"https:\u002F\u002Fwww.oneearth.org\u002Fspecies-of-the-week-african-baobab-tree\u002F",[1321],{"data":1322,"marks":1323,"value":1324,"nodeType":88},{},[],"maintaining ecosystems in the dry African Savana",{"data":1326,"marks":1327,"value":1328,"nodeType":88},{},[],".  ",{"data":1330,"content":1331,"nodeType":84},{},[1332,1336,1341],{"data":1333,"marks":1334,"value":1335,"nodeType":88},{},[],"A well-designed pension system can be understood in a similar way. First, it needs deep roots in local realities. Second, it requires ",{"data":1337,"marks":1338,"value":1340,"nodeType":88},{},[1339],{"type":326},"a strong trunk ",{"data":1342,"marks":1343,"value":1344,"nodeType":88},{},[],"of accumulated contributions and enough resilience to support workers when they retire and over the long-term. The point of the analogy is not only that pensions should mobilise capital, but also that they must adapt to the conditions of African economies. ",{"data":1346,"content":1347,"nodeType":397},{},[1348],{"data":1349,"marks":1350,"value":1351,"nodeType":88},{},[],"Three takeaways for pensions in Africa ",{"data":1353,"content":1354,"nodeType":84},{},[1355],{"data":1356,"marks":1357,"value":1358,"nodeType":88},{},[],"A recurring message from the conference was that developing pools of capital is not only a financing question, but also a question of better regulation, supervision, and the provision of a solid market infrastructure that can allocate long-term savings efficiently. ",{"data":1360,"content":1361,"nodeType":84},{},[1362,1366,1371],{"data":1363,"marks":1364,"value":1365,"nodeType":88},{},[],"As shown in ",{"data":1367,"marks":1368,"value":1370,"nodeType":88},{},[1369],{"type":534},"Figure 1",{"data":1372,"marks":1373,"value":1374,"nodeType":88},{},[],", pension funds total assets in Africa remain relatively small as a share of GDP. However, there is growing appetite to strengthen the ecosystem through better regulation, including shifting from compliance-based to risk-based supervision, as well as through solutions that reflect the realities of informal workers. ",{"data":1376,"content":1377,"nodeType":84},{},[1378,1383],{"data":1379,"marks":1380,"value":1382,"nodeType":88},{},[1381],{"type":534},"Figure 1:",{"data":1384,"marks":1385,"value":1386,"nodeType":88},{},[]," Total assets of pension funds as a share of GDP",{"data":1388,"content":1410,"nodeType":567},{"target":1389},{"metadata":1390,"sys":1393,"fields":1400},{"tags":1391,"concepts":1392},[],[],{"space":1394,"id":1396,"type":15,"createdAt":1397,"updatedAt":1397,"environment":1398,"publishedVersion":66,"revision":22,"locale":23},{"sys":1395},{"type":11,"linkType":12,"id":13},"58uOfDxX3GRLWyMOsTjYJV","2026-08-14T12:18:32.091Z",{"sys":1399},{"id":19,"type":11,"linkType":20},{"title":1401,"description":89,"file":1402},"Baobabs Insight image 2",{"url":1403,"details":1404,"fileName":1409,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F58uOfDxX3GRLWyMOsTjYJV\u002Fa352e204d45967805d10b0ec1a13e74a\u002FFigure1_pension-assets-gdp_CPI__1_.png",{"size":1405,"image":1406},195246,{"width":1407,"height":1408},2133,1371,"Figure1_pension-assets-gdp_CPI (1).png",[],{"data":1412,"content":1413,"nodeType":84},{},[1414,1419,1427],{"data":1415,"marks":1416,"value":1418,"nodeType":88},{},[1417],{"type":534},"Source: ",{"data":1420,"content":1422,"nodeType":347},{"uri":1421},"https:\u002F\u002Fwww.oecd.org\u002Fen\u002Fpublications\u002Fafrica-capital-markets-report-2025_7d26e1d3-en\u002Ffull-report\u002Fthe-role-of-insurance-companies-and-pension-funds-as-institutional-investors-in-african-capital-markets_4889d177.html",[1423],{"data":1424,"marks":1425,"value":1426,"nodeType":88},{},[],"Adapted from OECD Africa Capital Markets Report 2025 (OECD, 2025). Data by end-2023 for available countries",{"data":1428,"marks":1429,"value":694,"nodeType":88},{},[],{"data":1431,"content":1432,"nodeType":84},{},[1433,1439,1443,1448,1452,1456],{"data":1434,"marks":1435,"value":1438,"nodeType":88},{},[1436,1437],{"type":326},{"type":534},"First: Informal workers cannot be treated as one single group",{"data":1440,"marks":1441,"value":1442,"nodeType":88},{},[],". Effective pension inclusion requires better segmentation by sector, income patterns, occupation, and life circumstances. The breakdown of informal employment in ",{"data":1444,"marks":1445,"value":1447,"nodeType":88},{},[1446],{"type":534},"Figure 2 ",{"data":1449,"marks":1450,"value":1451,"nodeType":88},{},[],"illustrates this point",{"data":1453,"marks":1454,"value":694,"nodeType":88},{},[1455],{"type":534},{"data":1457,"marks":1458,"value":1459,"nodeType":88},{},[]," Across Sub-Saharan Africa, only 17.3% of informal workers are employees, while 55.9% are own-account workers (independent workers without hired employees) and 24.9% are contributing family workers (individuals who work in a business, farm, or other economic activity operated by a family member, without receiving a regular wage or salary). Southern Africa, interestingly, shows a very different composition: 62.2% of informal workers are employees. This suggests that strategies to increase pension coverage cannot assume the same enrolment channel everywhere, as well as the same contribution mechanisms.  The path for effective coverage and adequacy, therefore, will look different for each type of worker, and even sector. ",{"data":1461,"content":1462,"nodeType":84},{},[1463,1468],{"data":1464,"marks":1465,"value":1467,"nodeType":88},{},[1466],{"type":534},"Figure 2: ",{"data":1469,"marks":1470,"value":1471,"nodeType":88},{},[],"Distribution of informal and formal employment status by status in employment",{"data":1473,"content":1496,"nodeType":567},{"target":1474},{"metadata":1475,"sys":1478,"fields":1486},{"tags":1476,"concepts":1477},[],[],{"space":1479,"id":1481,"type":15,"createdAt":1482,"updatedAt":1482,"environment":1483,"publishedVersion":1485,"revision":22,"locale":23},{"sys":1480},{"type":11,"linkType":12,"id":13},"2SdNZS1ZHlvTSkpDuBJHR1","2026-08-14T12:18:32.087Z",{"sys":1484},{"id":19,"type":11,"linkType":20},4,{"title":1487,"description":89,"file":1488},"Baobabs Insight Image 3",{"url":1489,"details":1490,"fileName":1495,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F2SdNZS1ZHlvTSkpDuBJHR1\u002Fe3b23ad3653ff18de1bd06d42af8012c\u002FIn_blog_3.png",{"size":1491,"image":1492},200459,{"width":1493,"height":1494},2382,1705,"In blog 3.png",[],{"data":1498,"content":1499,"nodeType":84},{},[1500,1504,1512],{"data":1501,"marks":1502,"value":1418,"nodeType":88},{},[1503],{"type":534},{"data":1505,"content":1507,"nodeType":347},{"uri":1506},"https:\u002F\u002Fwww.ilo.org\u002Fpublications\u002Fwomen-and-men-informal-economy-statistical-update",[1508],{"data":1509,"marks":1510,"value":1511,"nodeType":88},{},[],"Adapted from ILO’s (2023) Women and men in the informal economy: A statistical update; Figure 56.",{"data":1513,"marks":1514,"value":1074,"nodeType":88},{},[],{"data":1516,"content":1517,"nodeType":84},{},[1518,1522,1529,1533,1540],{"data":1519,"marks":1520,"value":1521,"nodeType":88},{},[],"The capacity to save is another layer of segmentation when thinking about pension systems. From a public policy perspective, savings-related strategies are not poverty alleviation interventions, meaning that households in moderate or extreme poverty need to be protected through social assistance programmes. For pension design, it becomes imperative to identify which informal households can save, how much and under what conditions. Recent work from the World Bank estimates that, across six African countries, 37% of informal sector households can save (see the full report ",{"data":1523,"content":1525,"nodeType":347},{"uri":1524},"https:\u002F\u002Fdocuments1.worldbank.org\u002Fcurated\u002Fen\u002F946341635913066829\u002Fpdf\u002FSocial-Protection-for-the-Informal-Economy-Operational-Lessons-for-Developing-Countries-in-Africa-and-Beyond.pdf",[1526],{"data":1527,"marks":1528,"value":690,"nodeType":88},{},[],{"data":1530,"marks":1531,"value":1532,"nodeType":88},{},[]," and a blog post ",{"data":1534,"content":1536,"nodeType":347},{"uri":1535},"https:\u002F\u002Fblogs.worldbank.org\u002Fen\u002Fafricacan\u002Fnot-poor-and-not-formal-who-are-missed-middle-social-protection",[1537],{"data":1538,"marks":1539,"value":690,"nodeType":88},{},[],{"data":1541,"marks":1542,"value":1543,"nodeType":88},{},[],"). One of our objectives at the Coller Pensions Institute is to contribute to this evidence base by expanding what we know about non-poor informal households that participate in contributory savings. ",{"data":1545,"content":1546,"nodeType":84},{},[1547,1551,1559],{"data":1548,"marks":1549,"value":1550,"nodeType":88},{},[],"The jobs gap is also central for effective savings. ",{"data":1552,"content":1554,"nodeType":347},{"uri":1553},"https:\u002F\u002Fwww.cgdev.org\u002Fblog\u002Fdeveloping-worlds-jobs-crisis-was-here-ai",[1555],{"data":1556,"marks":1557,"value":1558,"nodeType":88},{},[],"Recent estimates estimate the jobs gap at 800 million in developing economies",{"data":1560,"marks":1561,"value":1562,"nodeType":88},{},[],", even before the potential disruption from AI. If labour markets do not develop in a way that provide enough income-generating activities to absorb Africa’s growing workforce, the pension inclusion agenda will face a structural constraint. Therefore, developing old-age resilience requires not only good pension design, but also the ability of labour markets to support sustained contributions and build domestic pools of capital. ",{"data":1564,"content":1565,"nodeType":84},{},[1566,1572,1577,1581,1589],{"data":1567,"marks":1568,"value":1571,"nodeType":88},{},[1569,1570],{"type":326},{"type":534},"Second: Flexibility matters, but trust matters just as much",{"data":1573,"marks":1574,"value":1576,"nodeType":88},{},[1575],{"type":326},". ",{"data":1578,"marks":1579,"value":1580,"nodeType":88},{},[],"Digital tools, mobile money, and flexible contributions can help, but uptake depends on credible institutions, strong governance, and clear value for workers. The region has made important progress on this front, including e-KYC processes and ",{"data":1582,"content":1584,"nodeType":347},{"uri":1583},"https:\u002F\u002Fwww.elibrary.imf.org\u002Fview\u002Fjournals\u002F087\u002F2025\u002F004\u002Farticle-A001-en.xml",[1585],{"data":1586,"marks":1587,"value":1588,"nodeType":88},{},[],"the proliferation of digital wallets that ease access to the financial ecosystem",{"data":1590,"marks":1591,"value":1592,"nodeType":88},{},[],".  ",{"data":1594,"content":1595,"nodeType":84},{},[1596,1600,1608],{"data":1597,"marks":1598,"value":1599,"nodeType":88},{},[],"However, trust in the system remains a challenge. Data from ",{"data":1601,"content":1603,"nodeType":347},{"uri":1602},"https:\u002F\u002Fwww.corruptionwatch.org.za\u002Fafrobarometer-democracy-at-risk-the-peoples-perspective\u002F",[1604],{"data":1605,"marks":1606,"value":1607,"nodeType":88},{},[],"Afrobarometer",{"data":1609,"marks":1610,"value":1611,"nodeType":88},{},[]," for 39 countries reveals that public trust in key institutions and leaders has weakened over the past decade. Corruption concerns are also widespread, with 38% of Africans reporting that most tax officials, civil servants, and officials in the presidency are corrupt.  ",{"data":1613,"content":1614,"nodeType":84},{},[1615],{"data":1616,"marks":1617,"value":1618,"nodeType":88},{},[],"For pension systems, this matters because informal workers are being asked to make long-term contributions on the basis of a future promise. If institutional trust is weak, scheme design must make that promise credible and enforceable through transparency, portability, low fees, and strong supervision, among other mechanisms. Regulators know this and are working on it. ",{"data":1620,"content":1621,"nodeType":84},{},[1622,1628],{"data":1623,"marks":1624,"value":1627,"nodeType":88},{},[1625,1626],{"type":326},{"type":534},"Third: Innovation should be tested locally.",{"data":1629,"marks":1630,"value":1631,"nodeType":88},{},[]," As the literature in development economics shows, pilots can help identify what works in practice. For pensions for informal workers specifically, this includes leveraging trusted intermediaries and cooperatives to contribution incentives, insurance-linked products, and digital enrolment models to test different strategies to increase enrolment and sustained contributions. Iterative learning and continuous feedback loops are essential for success.  ",{"data":1633,"content":1634,"nodeType":84},{},[1635,1639,1647],{"data":1636,"marks":1637,"value":1638,"nodeType":88},{},[],"The region has made progress on this front. From Rwanda’s landmark Ejo Heza to Ghana’s innovative scheme for cocoa growers, the appetite for innovation is clear. The goal is also well delimited: to mobilise domestic pools of capital through pension inclusion for informal workers that increases enrolment and sustained contributions (if you want to know more about this, read ",{"data":1640,"content":1642,"nodeType":347},{"uri":1641},"https:\u002F\u002Fwww.collerpensionsinstitute.org\u002Four-research\u002Fwhitepapers\u002Fhow-incentives-can-boost-pensions-for-informal-sector-workers",[1643],{"data":1644,"marks":1645,"value":1646,"nodeType":88},{},[],"our research on incentives for informal workers here",{"data":1648,"marks":1649,"value":1650,"nodeType":88},{},[],").  ",{"data":1652,"content":1653,"nodeType":397},{},[1654],{"data":1655,"marks":1656,"value":1657,"nodeType":88},{},[],"On the way forward",{"data":1659,"content":1660,"nodeType":84},{},[1661,1665,1671],{"data":1662,"marks":1663,"value":1664,"nodeType":88},{},[],"The 7",{"data":1666,"marks":1667,"value":1670,"nodeType":88},{},[1668],{"type":1669},"superscript","th",{"data":1672,"marks":1673,"value":1674,"nodeType":88},{},[]," Annual Conference of Pension Regulators in Africa showed how central pensions are for the broader agenda of socio-economic development on the continent. The challenge now is to turn this momentum into practical progress. Policies that generate better segmentation of informal workers, schemes that people can trust, and the development of locally tested solutions that support both enrolment and sustained contributions.  ",{"data":1676,"content":1677,"nodeType":84},{},[1678],{"data":1679,"marks":1680,"value":1681,"nodeType":88},{},[],"At Coller Pensions Institute our aim is to continue supporting regulators, the private sector, and research institutions as they work to improve old-age resilience for African workers.  ",[1683],{"metadata":1684,"sys":1687,"fields":1696},{"tags":1685,"concepts":1686},[],[],{"space":1688,"id":1690,"type":45,"createdAt":1691,"updatedAt":1691,"environment":1692,"publishedVersion":263,"revision":22,"contentType":1694,"locale":23},{"sys":1689},{"type":11,"linkType":12,"id":13},"4lHF0SFtcWMYURDXJgmjtf","2026-06-05T08:44:58.523Z",{"sys":1693},{"id":19,"type":11,"linkType":20},{"sys":1695},{"type":11,"linkType":51,"id":713},{"name":1697,"image":1698,"jobTitle":1719,"department":1720,"biography":1721},"Carlos Santiago Guzmán Gutiérrez",{"metadata":1699,"sys":1702,"fields":1710},{"tags":1700,"concepts":1701},[],[],{"space":1703,"id":1705,"type":15,"createdAt":1706,"updatedAt":1707,"environment":1708,"publishedVersion":139,"revision":104,"locale":23},{"sys":1704},{"type":11,"linkType":12,"id":13},"6OIPHDXFUUUduWg145iVCs","2026-06-05T08:43:38.126Z","2026-06-05T11:27:22.375Z",{"sys":1709},{"id":19,"type":11,"linkType":20},{"title":1711,"description":89,"file":1712},"Carlos headshot",{"url":1713,"details":1714,"fileName":1718,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6OIPHDXFUUUduWg145iVCs\u002F733ac2eba9a9fdfded2607261a04fcc5\u002FCarlos_Headshot__1_.png",{"size":1715,"image":1716},3645961,{"width":1717,"height":1717},2976,"Carlos Headshot (1).png","Senior Research Analyst",[740],{"data":1722,"content":1723,"nodeType":73},{},[1724,1731,1738],{"data":1725,"content":1726,"nodeType":84},{},[1727],{"data":1728,"marks":1729,"value":1730,"nodeType":88},{},[],"Carlos Santiago is a Senior Researcher at the Coller Pensions Institute. He specialises in bridging the gap between research and policy, working at the intersection of international development, social protection, and poverty measurement, focusing on how evidence-based policy can improve economic security for vulnerable populations.",{"data":1732,"content":1733,"nodeType":84},{},[1734],{"data":1735,"marks":1736,"value":1737,"nodeType":88},{},[],"With over seven years of experience, Carlos has worked extensively with international organisations to design and evaluate social programs. He previously served as the Country Economist for the UN Agency for Refugees (UNHCR) in Colombia and worked with the World Bank on poverty measurement and social protection initiatives for Egypt. His background also includes research roles at Innovations for Poverty Action (IPA) and a fellowship with UN OCHA’s Central Emergency Response Fund (CERF), supporting funding prioritisation for underfunded global emergencies.",{"data":1739,"content":1740,"nodeType":84},{},[1741,1745,1749],{"data":1742,"marks":1743,"value":1744,"nodeType":88},{},[],"Carlos holds a Master of Public Policy and an MSc in Public Policy Research, both with Distinction, from the University of Oxford, as well as an M.A. in Economics from Universidad",{"data":1746,"marks":1747,"value":329,"nodeType":88},{},[1748],{"type":534},{"data":1750,"marks":1751,"value":1752,"nodeType":88},{},[],"de Los Andes in Colombia.",{"metadata":1754,"sys":1757,"fields":1767},{"tags":1755,"concepts":1756},[],[],{"space":1758,"id":1760,"type":45,"createdAt":1761,"updatedAt":1761,"environment":1762,"publishedVersion":1764,"revision":22,"contentType":1765,"locale":23},{"sys":1759},{"type":11,"linkType":12,"id":13},"20YdDWSRCJzNKj9onUgP6X","2026-07-23T11:49:16.439Z",{"sys":1763},{"id":19,"type":11,"linkType":20},27,{"sys":1766},{"type":11,"linkType":51,"id":287},{"type":289,"title":1768,"slug":1769,"date":1770,"featuredImage":1771,"content":1792,"showBanner":697,"authors":2029,"relatedArticles":2030},"Size Matters, but So Does Allocation: A Study of Whether Institutional Investment Boosts European Capital Market Development","size-matters-but-so-does-allocation-a-study-of-whether-institutional-investment-boosts-european-capital-market-development","2026-07-27T00:00+01:00",{"metadata":1772,"sys":1775,"fields":1782},{"tags":1773,"concepts":1774},[],[],{"space":1776,"id":1778,"type":15,"createdAt":1779,"updatedAt":1779,"environment":1780,"publishedVersion":1485,"revision":22,"locale":23},{"sys":1777},{"type":11,"linkType":12,"id":13},"6jCdhiKvRWWzlrs6xGsYko","2026-07-22T10:13:46.612Z",{"sys":1781},{"id":19,"type":11,"linkType":20},{"title":1783,"description":89,"file":1784},"SIZE MATTERS, BUT SO DOES ALLOCATION Insight header",{"url":1785,"details":1786,"fileName":1791,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6jCdhiKvRWWzlrs6xGsYko\u002Fa6ee3f16c3c97c310508a22267c0e729\u002FHeader_Image.png",{"size":1787,"image":1788},2404153,{"width":1789,"height":1790},1015,989,"Header Image.png",{"nodeType":73,"data":1793,"content":1794},{},[1795,1819,1826,1833,1840,1847,1855,1879,1895,1902,1921,1928,1935,1942,1949,1956,1963,1970,1977,1984,1991,1998,2012],{"nodeType":84,"data":1796,"content":1797},{},[1798,1803,1812,1816],{"nodeType":88,"value":1799,"marks":1800,"data":1802},"Our Executive Director, David Pinkus, recently co-authored, with Marie-Sophie Lappe from Bruegel, a ",[1801],{"type":326},{},{"nodeType":347,"data":1804,"content":1806},{"uri":1805},"https:\u002F\u002Fwww.collerpensionsinstitute.org\u002Four-research\u002Fwhitepapers\u002Fsize-versus-allocation-in-capital-market-development-evidence-from-pension-funds-and-insurance-companies",[1807],{"nodeType":88,"value":1808,"marks":1809,"data":1811},"study on the investments of EU insurance companies and pension funds and capital market development",[1810],{"type":326},{},{"nodeType":88,"value":1576,"marks":1813,"data":1815},[1814],{"type":326},{},{"nodeType":88,"value":329,"marks":1817,"data":1818},[],{},{"nodeType":84,"data":1820,"content":1821},{},[1822],{"nodeType":88,"value":1823,"marks":1824,"data":1825},"The EU has relatively small and fragmented capital markets, which creates challenges for investment and economic growth. From business C-suites to Brussel policymakers, the quest for larger and more efficient capital markets is an important issue across the European Union and our study looked at the role EU-based insurance companies and pension funds (the ICPF sector) can play in meeting that challenge. ",[],{},{"nodeType":84,"data":1827,"content":1828},{},[1829],{"nodeType":88,"value":1830,"marks":1831,"data":1832},"The research shows that the issue for EU capital markets is not a lack of potential capital. It is how that capital is invested. ",[],{},{"nodeType":397,"data":1834,"content":1835},{},[1836],{"nodeType":88,"value":1837,"marks":1838,"data":1839},"Bias towards currency and deposits ",[],{},{"nodeType":84,"data":1841,"content":1842},{},[1843],{"nodeType":88,"value":1844,"marks":1845,"data":1846},"The Figure below shows how European households heavily save in currency and deposits. Fostering more funded pensions in the EU instead presents an opportunity to put more savings in the hands of professional institutional investors, that in general can achieve better outcomes than individuals when investing. Furthermore, more countries moving towards funded pensions would help mitigate the financial pressure on pay-as-you-go pension systems stemming from population ageing. ",[],{},{"nodeType":84,"data":1848,"content":1849},{},[1850],{"nodeType":88,"value":1851,"marks":1852,"data":1854},"Figure: Financial assets of households, by type of asset, share, 2025-Q3",[1853],{"type":534},{},{"nodeType":567,"data":1856,"content":1878},{"target":1857},{"metadata":1858,"sys":1861,"fields":1868},{"tags":1859,"concepts":1860},[],[],{"space":1862,"id":1864,"type":15,"createdAt":1865,"updatedAt":1865,"environment":1866,"publishedVersion":21,"revision":22,"locale":23},{"sys":1863},{"type":11,"linkType":12,"id":13},"3qI7w3g3doTDxnrKjUpMlr","2026-07-22T10:17:18.153Z",{"sys":1867},{"id":19,"type":11,"linkType":20},{"title":1869,"description":89,"file":1870},"Size Matters, but So Does Allocation Insight Image",{"url":1871,"details":1872,"fileName":1877,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F3qI7w3g3doTDxnrKjUpMlr\u002Fcf39e7cddc7f9630b3b1d98a48092958\u002FPicture1.png",{"size":1873,"image":1874},12407,{"width":1875,"height":1876},801,445,"Picture1.png",[],{"nodeType":84,"data":1880,"content":1881},{},[1882,1885,1892],{"nodeType":88,"value":1418,"marks":1883,"data":1884},[],{},{"nodeType":347,"data":1886,"content":1887},{"uri":1805},[1888],{"nodeType":88,"value":1889,"marks":1890,"data":1891},"Lappe & Pinkus (2026)",[],{},{"nodeType":88,"value":89,"marks":1893,"data":1894},[],{},{"nodeType":397,"data":1896,"content":1897},{},[1898],{"nodeType":88,"value":1899,"marks":1900,"data":1901},"How pension savings are invested matters ",[],{},{"nodeType":84,"data":1903,"content":1904},{},[1905,1909,1917],{"nodeType":88,"value":1906,"marks":1907,"data":1908},"But not only the size of pension savings in the EU will matter for capital market development, rather also how these are invested. In ",[],{},{"nodeType":347,"data":1910,"content":1912},{"uri":1911},"https:\u002F\u002Fwww.bruegel.org\u002Ffirst-glance\u002Feuropes-savings-debate-should-focus-bigger-picture",[1913],{"nodeType":88,"value":1914,"marks":1915,"data":1916},"earlier work",[],{},{"nodeType":88,"value":1918,"marks":1919,"data":1920},", we disentangled the asset allocation of EU ICPFs. ",[],{},{"nodeType":84,"data":1922,"content":1923},{},[1924],{"nodeType":88,"value":1925,"marks":1926,"data":1927},"We found that over half of assets are invested in bonds (both EU and non-EU issued). Therefore, effects of more funded pensions could be different for stock and bond markets. Importantly for the conversations in Brussels around developing equity and bond markets, asset allocation of ICPFs needs taking into account. ",[],{},{"nodeType":397,"data":1929,"content":1930},{},[1931],{"nodeType":88,"value":1932,"marks":1933,"data":1934},"Benefits from both size and allocation ",[],{},{"nodeType":84,"data":1936,"content":1937},{},[1938],{"nodeType":88,"value":1939,"marks":1940,"data":1941},"Most of the research (see the full paper for an in-depth review) on the relationship between funded pension savings and economic growth or capital market development focuses on the size of the sector, rather than asset allocation of the sector. There is a good reason for this, namely that data on ICPF asset allocation is very difficult to obtain. ",[],{},{"nodeType":84,"data":1943,"content":1944},{},[1945],{"nodeType":88,"value":1946,"marks":1947,"data":1948},"Our recent research aims to investigate the importance of asset allocation on a range of macroeconomic outcomes such the size of equity and bond markets, stock market volatility and bank financing. ",[],{},{"nodeType":84,"data":1950,"content":1951},{},[1952],{"nodeType":88,"value":1953,"marks":1954,"data":1955},"To summarise our results, we find that both size and investment in domestic equity matters for the size of domestic stock markets. The relationship between domestic investment and market size is stronger for bond than for equity markets. Lastly, we do not find any significant relationship between ICPF investment and market returns, volatility or reliance of the economy on bank lending. ",[],{},{"nodeType":397,"data":1957,"content":1958},{},[1959],{"nodeType":88,"value":1960,"marks":1961,"data":1962},"Policy implications ",[],{},{"nodeType":84,"data":1964,"content":1965},{},[1966],{"nodeType":88,"value":1967,"marks":1968,"data":1969},"The finding that both size and asset allocation matter for stock market development has meaningful policy implications. Growing the ICPF sector, for instance by expanding funded pension systems, could contribute to deeper capital markets; however, ensuring that the resulting assets are channelled into productive investments is equally as important. The results also suggest that the ICPF sector contributes to equity market development beyond directly channelling savings into the market, since we find that both size and asset allocation matter. ",[],{},{"nodeType":84,"data":1971,"content":1972},{},[1973],{"nodeType":88,"value":1974,"marks":1975,"data":1976},"However, investing in the interest of savers, the future pensioners, needs to remain the primary consideration of ICPFs when they invest. ",[],{},{"nodeType":84,"data":1978,"content":1979},{},[1980],{"nodeType":88,"value":1981,"marks":1982,"data":1983},"The paper stresses that the primary obligation of the ICPF sector is to its savers, and therefore its results do not support mandating domestic equity investment for the purpose of domestic capital market growth. Rather, promoting funded pensions through automatically enrolling savers, for example, alongside measures to increase attractiveness of investing in EU capital markets, will likely support capital market development in the EU. ",[],{},{"nodeType":84,"data":1985,"content":1986},{},[1987],{"nodeType":88,"value":1988,"marks":1989,"data":1990},"Removing barriers to equity investment deserves close attention from policymakers, alongside efforts to grow the sector overall. ",[],{},{"nodeType":84,"data":1992,"content":1993},{},[1994],{"nodeType":88,"value":1995,"marks":1996,"data":1997},"Taken together, the findings support the broad direction of EU policy efforts to channel household savings more effectively through the ICPF sector, while underscoring that the productive potential of this shift depends critically on how those savings are ultimately invested. ",[],{},{"nodeType":84,"data":1999,"content":2000},{},[2001,2005,2009],{"nodeType":88,"value":2002,"marks":2003,"data":2004},"EU policymakers should work towards growing the ICPF sector, while carefully designing an environment that promotes investment into productive assets. \n",[],{},{"nodeType":88,"value":668,"marks":2006,"data":2008},[2007],{"type":326},{},{"nodeType":88,"value":329,"marks":2010,"data":2011},[],{},{"nodeType":84,"data":2013,"content":2014},{},[2015,2018,2026],{"nodeType":88,"value":89,"marks":2016,"data":2017},[],{},{"nodeType":347,"data":2019,"content":2020},{"uri":1805},[2021],{"nodeType":88,"value":2022,"marks":2023,"data":2025},"Read the full paper here",[2024],{"type":326},{},{"nodeType":88,"value":329,"marks":2027,"data":2028},[],{},[699],[2031],{"metadata":2032,"sys":2035,"fields":2045},{"tags":2033,"concepts":2034},[],[],{"space":2036,"id":2038,"type":45,"createdAt":2039,"updatedAt":2039,"environment":2040,"publishedVersion":2042,"revision":22,"contentType":2043,"locale":23},{"sys":2037},{"type":11,"linkType":12,"id":13},"1Tyjcrk4670UAZhLkHvQrR","2026-07-16T08:39:15.339Z",{"sys":2041},{"id":19,"type":11,"linkType":20},18,{"sys":2044},{"type":11,"linkType":51,"id":287},{"type":1166,"title":2046,"slug":2047,"date":2048,"featuredImage":2049,"excerpt":2070,"content":2071,"showBanner":697,"downloads":2118},"Size Versus Allocation in Capital Market Development: Evidence from Pension Funds and Insurance Companies","size-versus-allocation-in-capital-market-development-evidence-from-pension-funds-and-insurance-companies","2026-07-20T00:00+00:00",{"metadata":2050,"sys":2053,"fields":2060},{"tags":2051,"concepts":2052},[],[],{"space":2054,"id":2056,"type":15,"createdAt":2057,"updatedAt":2057,"environment":2058,"publishedVersion":104,"revision":22,"locale":23},{"sys":2055},{"type":11,"linkType":12,"id":13},"2P68nr1omQY6VcdACkJ3Cx","2026-07-16T08:39:15.316Z",{"sys":2059},{"id":19,"type":11,"linkType":20},{"title":2061,"description":89,"file":2062},"CPI Size vs Allocation Report Cover",{"url":2063,"details":2064,"fileName":2069,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F2P68nr1omQY6VcdACkJ3Cx\u002F4623b3bcadfbc7131b95af818be7afd7\u002FCPI_Size_vs_Allocation_Report_Cover.png",{"size":2065,"image":2066},448968,{"width":2067,"height":2068},1298,1722,"CPI Size vs Allocation Report Cover.png","The European Union’s capital markets remain small and fragmented, limiting investment in the real economy. This is not because of a shortage of household savings but rather that those savings are kept in currency and deposits rather than channelled into capital markets. Insurance companies and pension funds (ICPFs) can mobilise savings and help deepen capital markets. This paper examines the sector’s role in EU capital markets, distinguishing between sector size and portfolio allocation. Using disentangled asset allocation data, we analyse how ICPF investment impacts stock- and bond-market capitalisation, other market indicators and bank lending.",{"data":2072,"content":2073,"nodeType":73},{},[2074,2080,2086,2093,2112],{"data":2075,"content":2076,"nodeType":1201},{},[2077],{"data":2078,"marks":2079,"value":1200,"nodeType":88},{},[],{"data":2081,"content":2082,"nodeType":84},{},[2083],{"data":2084,"marks":2085,"value":2070,"nodeType":88},{},[],{"data":2087,"content":2088,"nodeType":84},{},[2089],{"data":2090,"marks":2091,"value":2092,"nodeType":88},{},[],"Asset allocation is the primary channel linking ICPFs to capital market development. Domestic investment is positively associated with stock- and bond-market capitalisation. For equity markets, the size channel also matters. We find no significant relationship between the sector and market returns, volatility or bank lending. These findings suggest that expanding the ICPF sector can support EU capital market development, but this would be more effective if accompanied by appropriate investment allocation. In addition to increasing the size of the sector, policy should therefore focus on fostering investment in productive assets, while preserving the obligation to act in the interest of savers.",{"data":2094,"content":2095,"nodeType":84},{},[2096,2100,2108],{"data":2097,"marks":2098,"value":2099,"nodeType":88},{},[],"Note: An earlier version of this paper was published as ",{"data":2101,"content":2103,"nodeType":347},{"uri":2102},"https:\u002F\u002Feur02.safelinks.protection.outlook.com\u002F?url=https%3A%2F%2Fwww.bruegel.org%2Fworking-paper%2Fsize-versus-allocation-capital-market-development-evidence-pension-funds-and&data=05%7C02%7CPurva.Sethi%40fairr.org%7C25453f2f505142207def08dee0ddb14c%7C9d56d41df8f04e40bf77f3530d563254%7C0%7C0%7C639195439951603895%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=gb8dXlvS4sfSygtV0azwtg6u3QUxNqnd7WtM8ARE0jI%3D&reserved=0",[2104],{"data":2105,"marks":2106,"value":2107,"nodeType":88},{},[],"Bruegel Working Paper 11\u002F2026",{"data":2109,"marks":2110,"value":2111,"nodeType":88},{},[]," (June 2026).",{"data":2113,"content":2114,"nodeType":84},{},[2115],{"data":2116,"marks":2117,"value":89,"nodeType":88},{},[],[],{"metadata":2120,"sys":2123,"fields":2133},{"tags":2121,"concepts":2122},[],[],{"space":2124,"id":2126,"type":45,"createdAt":2127,"updatedAt":2127,"environment":2128,"publishedVersion":2130,"revision":22,"contentType":2131,"locale":23},{"sys":2125},{"type":11,"linkType":12,"id":13},"61W8jMCa3QDMxwOMvxt55S","2026-07-07T15:31:14.400Z",{"sys":2129},{"id":19,"type":11,"linkType":20},15,{"sys":2132},{"type":11,"linkType":51,"id":287},{"type":173,"title":2134,"slug":2135,"date":2136,"featuredImage":2137,"content":2158,"showBanner":697,"authors":2319},"Can Incentives Help Boost Pensions for Informal Sector Workers in Latin America and the Caribbean?","can-incentives-help-boost-pensions-for-informal-sector-workers-in-latin-america-and-the-caribbean","2026-07-08T00:00+01:00",{"metadata":2138,"sys":2141,"fields":2148},{"tags":2139,"concepts":2140},[],[],{"space":2142,"id":2144,"type":15,"createdAt":2145,"updatedAt":2145,"environment":2146,"publishedVersion":104,"revision":22,"locale":23},{"sys":2143},{"type":11,"linkType":12,"id":13},"4L3Uw0UuBVEBLuqs4KzA1Y","2026-07-07T15:31:14.274Z",{"sys":2147},{"id":19,"type":11,"linkType":20},{"title":2149,"description":89,"file":2150},"Header Image",{"url":2151,"details":2152,"fileName":2157,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F4L3Uw0UuBVEBLuqs4KzA1Y\u002Feabf6533ad0677b86afa97bae3c597fa\u002FHeader_Image.jpeg",{"size":2153,"image":2154},122572,{"width":2155,"height":2156},1024,683,"Header Image.jpeg",{"data":2159,"content":2160,"nodeType":73},{},[2161,2179,2198,2209,2233,2240,2247,2254,2273,2281,2305,2312],{"data":2162,"content":2163,"nodeType":84},{},[2164,2168,2175],{"data":2165,"marks":2166,"value":2167,"nodeType":88},{},[],"At the Coller Pensions Institute (CPI), we want to be part of the answer to this question. In early June, CPI participated in the Brazilian Association of Private Pensions (Abrapp) International Seminar in Bogotá, Colombia, where we presented our joint research with D3P Global “",{"data":2169,"content":2170,"nodeType":347},{"uri":1641},[2171],{"data":2172,"marks":2173,"value":2174,"nodeType":88},{},[],"How incentives can boost pensions for informal sector workers",{"data":2176,"marks":2177,"value":2178,"nodeType":88},{},[],"” to an audience of leaders of Brazilian occupational pension funds and regional thought leaders. Later that same month, CPI also participated in the Caribbean Association of Pension Supervisors (CAPS) 2026 Annual Conference, where we shared insights on how behavioural economics and technological tools can incentivize retirement savings. ",{"data":2180,"content":2181,"nodeType":84},{},[2182,2186,2194],{"data":2183,"marks":2184,"value":2185,"nodeType":88},{},[],"Latin America and the Caribbean are among the fastest-aging regions in the world. The inverse old-age dependency ratio—the number of working-age adults (15–64) for each person aged 65 or more—illustrates this trend. While in 1950 the region had around 17 working-age adults per older adult, by 2024 this ratio had fallen to less than 7 to 1. According to ",{"data":2187,"content":2189,"nodeType":347},{"uri":2188},"https:\u002F\u002Fpopulation.un.org\u002Fwpp\u002Fdownloads?folder=Standard%20Projections&group=Most%20used",[2190],{"data":2191,"marks":2192,"value":2193,"nodeType":88},{},[],"United Nations",{"data":2195,"marks":2196,"value":2197,"nodeType":88},{},[]," projections, by 2070 there will be fewer than 3 working-age adults for each older adult in the region.",{"data":2199,"content":2200,"nodeType":84},{},[2201,2206],{"data":2202,"marks":2203,"value":2205,"nodeType":88},{},[2204],{"type":534},"Graph 1. Inverse dependency ratio and total fertility rate in Latin America and the Caribbean (1950-2100)",{"data":2207,"marks":2208,"value":329,"nodeType":88},{},[],{"data":2210,"content":2232,"nodeType":567},{"target":2211},{"metadata":2212,"sys":2215,"fields":2222},{"tags":2213,"concepts":2214},[],[],{"space":2216,"id":2218,"type":15,"createdAt":2219,"updatedAt":2219,"environment":2220,"publishedVersion":21,"revision":22,"locale":23},{"sys":2217},{"type":11,"linkType":12,"id":13},"JKWkhh7yFPJseo9fR2g7k","2026-07-07T15:31:14.284Z",{"sys":2221},{"id":19,"type":11,"linkType":20},{"title":2223,"description":89,"file":2224},"Figure 1 - News article 3",{"url":2225,"details":2226,"fileName":2231,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002FJKWkhh7yFPJseo9fR2g7k\u002F830e08ca99e4efb026ec0477c98d0d25\u002FFigure_1__1_.png",{"size":2227,"image":2228},91492,{"width":2229,"height":2230},1430,826,"Figure 1 (1).png",[],{"data":2234,"content":2235,"nodeType":84},{},[2236],{"data":2237,"marks":2238,"value":2239,"nodeType":88},{},[],"Source: Author based on United Nations data and projections. ",{"data":2241,"content":2242,"nodeType":84},{},[2243],{"data":2244,"marks":2245,"value":2246,"nodeType":88},{},[],"This demographic transition—driven by declining fertility rates and increasing life expectancy—has clear implications for pension systems. Pay-as-you-go systems are already facing financial pressure due to reduced financing and rising liabilities, while savings-based systems must review parameters and adjust to higher longevity to ensure adequate pension benefits. ",{"data":2248,"content":2249,"nodeType":84},{},[2250],{"data":2251,"marks":2252,"value":2253,"nodeType":88},{},[],"These challenges, however, often overshadow the significant pension inclusion gaps that persist in the region. In Latin America and the Caribbean, only 4 out of 10 workers contribute to a pension, and only 6 out of 10 older adults receive one in old age. The relatively higher coverage in retirement reflects the success of non-contributory programs implemented over the past two decades. While these programs extend coverage to vulnerable populations, they typically provide low benefits that are insufficient to guarantee a good quality of life in old age. ",{"data":2255,"content":2256,"nodeType":84},{},[2257,2261,2269],{"data":2258,"marks":2259,"value":2260,"nodeType":88},{},[],"Low contributory pension coverage is largely driven by the persistence of informality. According to the ",{"data":2262,"content":2264,"nodeType":347},{"uri":2263},"https:\u002F\u002Fobservatoriolaboral.iadb.org\u002Fes\u002Fsims\u002F",[2265],{"data":2266,"marks":2267,"value":2268,"nodeType":88},{},[],"Inter-American Development Bank",{"data":2270,"marks":2271,"value":2272,"nodeType":88},{},[],", around 60% of employment in the region is informal, with significant variation across countries. While formal employment exceeds 70% of employment in Chile, Costa Rica, and Uruguay, it remains below 25% in countries such as Bolivia, Paraguay, and Peru. Informality is associated not only with lower-quality jobs but also with a lack of pension coverage. As a result, population ageing could translate into higher poverty rates unless these pension inclusion gaps are addressed in a timely and effective manner. ",{"data":2274,"content":2275,"nodeType":84},{},[2276],{"data":2277,"marks":2278,"value":2280,"nodeType":88},{},[2279],{"type":534},"Graph 2. Percentage of workers contributing to a pension in Latin America and the Caribbean (2024 or latest year available)",{"data":2282,"content":2304,"nodeType":567},{"target":2283},{"metadata":2284,"sys":2287,"fields":2294},{"tags":2285,"concepts":2286},[],[],{"space":2288,"id":2290,"type":15,"createdAt":2291,"updatedAt":2291,"environment":2292,"publishedVersion":1485,"revision":22,"locale":23},{"sys":2289},{"type":11,"linkType":12,"id":13},"6Vs8cwxDhntU4NsOhuMPp8","2026-07-07T15:31:14.279Z",{"sys":2293},{"id":19,"type":11,"linkType":20},{"title":2295,"description":89,"file":2296},"Figure 2 - News article 3",{"url":2297,"details":2298,"fileName":2303,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6Vs8cwxDhntU4NsOhuMPp8\u002F77a5478b37c730ec9b95f44411d0499e\u002FFigure_2__1_.png",{"size":2299,"image":2300},22694,{"width":2301,"height":2302},1880,1144,"Figure 2 (1).png",[],{"data":2306,"content":2307,"nodeType":84},{},[2308],{"data":2309,"marks":2310,"value":2311,"nodeType":88},{},[],"Source: Author based on Inter-American Development Bank data. ",{"data":2313,"content":2314,"nodeType":84},{},[2315],{"data":2316,"marks":2317,"value":2318,"nodeType":88},{},[],"The Coller Pensions Institute is working with pension regulators and private-sector partners across the region to expand coverage to independent and informal workers. Building on our recent research and international experience in this area, we are partnering with key stakeholders to design and implement solutions that can make a meaningful difference in the lives of millions of informal workers in Latin America and the Caribbean.",[2320],{"metadata":2321,"sys":2324,"fields":2333},{"tags":2322,"concepts":2323},[],[],{"space":2325,"id":2327,"type":45,"createdAt":2328,"updatedAt":2328,"environment":2329,"publishedVersion":21,"revision":22,"contentType":2331,"locale":23},{"sys":2326},{"type":11,"linkType":12,"id":13},"1hQPYN7mxHVSqzyAQmw1w3","2026-05-12T12:18:41.186Z",{"sys":2330},{"id":19,"type":11,"linkType":20},{"sys":2332},{"type":11,"linkType":51,"id":713},{"name":2334,"image":2335,"jobTitle":2354,"department":2355,"biography":2356},"Dr. Carolina Cabrita Felix",{"metadata":2336,"sys":2339,"fields":2346},{"tags":2337,"concepts":2338},[],[],{"space":2340,"id":2342,"type":15,"createdAt":2343,"updatedAt":2343,"environment":2344,"publishedVersion":104,"revision":22,"locale":23},{"sys":2341},{"type":11,"linkType":12,"id":13},"6PZOspOpR9EwDi2UzAItg8","2026-05-12T12:18:16.361Z",{"sys":2345},{"id":19,"type":11,"linkType":20},{"title":2347,"description":89,"file":2348},"Carolina-s Headshot",{"url":2349,"details":2350,"fileName":2353,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6PZOspOpR9EwDi2UzAItg8\u002F4d5b3727ea227edd8cf2d890c7f984d8\u002FCarolina-s__Headshot.png",{"size":2351,"image":2352},2617796,{"width":1717,"height":1717},"Carolina-s  Headshot.png","Operations and Programme Manager",[740],{"nodeType":73,"data":2357,"content":2358},{},[2359],{"nodeType":84,"data":2360,"content":2361},{},[2362],{"nodeType":88,"value":2363,"marks":2364,"data":2365},"Dr. Carolina Felix is the Operations and Programme Manager of the Coller Pensions Institute. She works at the crossing of research, policy design and international cooperation, overseeing programme delivery and supporting international research and policy engagement on pension systems. Previously, Carolina worked as Director for Latin America and the Caribbean at the pensions consulting firm Novaster and also as Coordinator of the Pensions in Latin America and the Caribbean Network of the Inter-American Development Bank (IDB). She has also worked as an economist at the Chilean pensions regulator. Carolina holds a Ph.D. in Economics from Emory University and a M.Sc. in Behavioral Economics from Evidentia University. She is also a specialist at UniAbrapp. ",[],{},{"metadata":2367,"sys":2370,"fields":2380},{"tags":2368,"concepts":2369},[],[],{"space":2371,"id":2373,"type":45,"createdAt":2374,"updatedAt":2374,"environment":2375,"publishedVersion":2377,"revision":22,"contentType":2378,"locale":23},{"sys":2372},{"type":11,"linkType":12,"id":13},"6M4zi83EIF3pBiGZ3KdU0n","2026-07-02T14:19:28.639Z",{"sys":2376},{"id":19,"type":11,"linkType":20},21,{"sys":2379},{"type":11,"linkType":51,"id":287},{"type":173,"title":2381,"slug":2382,"date":2383,"featuredImage":2384,"content":2405,"showBanner":697,"authors":2655},"Expanding Pension Coverage in Africa","expanding-pension-coverage-in-africa","2026-07-02T00:00+01:00",{"metadata":2385,"sys":2388,"fields":2395},{"tags":2386,"concepts":2387},[],[],{"space":2389,"id":2391,"type":15,"createdAt":2392,"updatedAt":2392,"environment":2393,"publishedVersion":263,"revision":22,"locale":23},{"sys":2390},{"type":11,"linkType":12,"id":13},"1gcAJqF0T56hUyZ3VVz761","2026-07-02T14:15:55.563Z",{"sys":2394},{"id":19,"type":11,"linkType":20},{"title":2396,"description":89,"file":2397},"DSC 7684",{"url":2398,"details":2399,"fileName":2404,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F1gcAJqF0T56hUyZ3VVz761\u002F42b679e36036847b45acf7e510319830\u002FNew_Header.JPG",{"size":2400,"image":2401},14707604,{"width":2402,"height":2403},6048,4024,"New Header.JPG",{"data":2406,"content":2407,"nodeType":73},{},[2408,2428,2435,2442,2453,2477,2484,2503,2510,2521,2539,2546,2563,2570,2581,2588,2595,2602,2609,2616,2623,2641,2648],{"data":2409,"content":2410,"nodeType":84},{},[2411,2416,2423],{"data":2412,"marks":2413,"value":2415,"nodeType":88},{},[2414],{"type":326},"In June 2026, the Coller Pensions Institute participated in the 7th Annual Africa Pension Funds & Retirement Summit and presented its joint research with D3P Global ",{"data":2417,"content":2418,"nodeType":347},{"uri":1641},[2419],{"data":2420,"marks":2421,"value":2174,"nodeType":88},{},[2422],{"type":326},{"data":2424,"marks":2425,"value":2427,"nodeType":88},{},[2426],{"type":326},". This blog draws on insights and impressions from that conference. ",{"data":2429,"content":2430,"nodeType":84},{},[2431],{"data":2432,"marks":2433,"value":2434,"nodeType":88},{},[],"The challenge to expand pension coverage to informal sector workers is particularly important in Africa and was a central theme of this conference - raised by representatives from the African pension industry, national authorities and national social security funds alike. ",{"data":2436,"content":2437,"nodeType":84},{},[2438],{"data":2439,"marks":2440,"value":2441,"nodeType":88},{},[],"As illustrated in Figure 1, Africa is significantly behind other regions when it comes to how many older people can rely on the financial security of a pension. Only 32% of people above retirement age in Africa receive any pension, compared to over 75% on all other continents. ",{"data":2443,"content":2444,"nodeType":84},{},[2445,2450],{"data":2446,"marks":2447,"value":2449,"nodeType":88},{},[2448],{"type":534},"Figure 1: Share of persons above retirement age receiving a pension (2023 or latest year available)",{"data":2451,"marks":2452,"value":329,"nodeType":88},{},[],{"data":2454,"content":2476,"nodeType":567},{"target":2455},{"metadata":2456,"sys":2459,"fields":2466},{"tags":2457,"concepts":2458},[],[],{"space":2460,"id":2462,"type":15,"createdAt":2463,"updatedAt":2463,"environment":2464,"publishedVersion":263,"revision":22,"locale":23},{"sys":2461},{"type":11,"linkType":12,"id":13},"7zVYFD5U2oW23uuFsMSGWz","2026-07-02T14:15:55.573Z",{"sys":2465},{"id":19,"type":11,"linkType":20},{"title":2467,"description":89,"file":2468},"Graph",{"url":2469,"details":2470,"fileName":2475,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F7zVYFD5U2oW23uuFsMSGWz\u002F442f0a5171653651b18c17db6e2f7648\u002FGraph.png",{"size":2471,"image":2472},312353,{"width":2473,"height":2474},3761,2911,"Graph.png",[],{"data":2478,"content":2479,"nodeType":84},{},[2480],{"data":2481,"marks":2482,"value":2483,"nodeType":88},{},[],"Source: Author based on ILO data. ",{"data":2485,"content":2486,"nodeType":84},{},[2487,2491,2499],{"data":2488,"marks":2489,"value":2490,"nodeType":88},{},[],"The main reason African countries have struggled to expand pension coverage is the prevalence of informal work. The ",{"data":2492,"content":2494,"nodeType":347},{"uri":2493},"https:\u002F\u002Filostat.ilo.org\u002Ftopics\u002Finformality\u002F",[2495],{"data":2496,"marks":2497,"value":2498,"nodeType":88},{},[],"ILO",{"data":2500,"marks":2501,"value":2502,"nodeType":88},{},[]," estimates that 85% of employment on the continent is informal. ",{"data":2504,"content":2505,"nodeType":84},{},[2506],{"data":2507,"marks":2508,"value":2509,"nodeType":88},{},[],"Expanding pension coverage offers two critically important benefits: ",{"data":2511,"content":2512,"nodeType":84},{},[2513,2518],{"data":2514,"marks":2515,"value":2517,"nodeType":88},{},[2516],{"type":534},"Benefit 1: Expanding pension coverage helps cope with ageing populations",{"data":2519,"marks":2520,"value":329,"nodeType":88},{},[],{"data":2522,"content":2523,"nodeType":84},{},[2524,2528,2535],{"data":2525,"marks":2526,"value":2527,"nodeType":88},{},[],"While the average age in Africa is relatively young today, it is ageing fast. In 2025 there were still 15.5 people of working age for each person aged 65 and more, this number is projected to almost halve by 2070, according to ",{"data":2529,"content":2530,"nodeType":347},{"uri":2188},[2531],{"data":2532,"marks":2533,"value":2534,"nodeType":88},{},[],"UN data",{"data":2536,"marks":2537,"value":2538,"nodeType":88},{},[],". Furthermore, the median age on the continent is projected to increase by 50% over the same time span, from 19 to 29 years old. ",{"data":2540,"content":2541,"nodeType":84},{},[2542],{"data":2543,"marks":2544,"value":2545,"nodeType":88},{},[],"For comparison, in Europe, where ageing populations are a major topic in policy and public discourse, the median age is only projected to increase by 12% until 2050. ",{"data":2547,"content":2548,"nodeType":84},{},[2549,2553,2559],{"data":2550,"marks":2551,"value":2552,"nodeType":88},{},[],"A median age of 29 represents a large working-age population. That is why it is important to design systems today, so that those workers who are able to save regularly for retirement have good structures to do so. The ",{"data":2554,"content":2555,"nodeType":347},{"uri":466},[2556],{"data":2557,"marks":2558,"value":2498,"nodeType":88},{},[],{"data":2560,"marks":2561,"value":2562,"nodeType":88},{},[]," estimates that today only 9.1% of the working age population in Africa contribute to a pension, and even more alarmingly, only 5.4% of women in that age bracket. ",{"data":2564,"content":2565,"nodeType":84},{},[2566],{"data":2567,"marks":2568,"value":2569,"nodeType":88},{},[],"Expanding pension coverage will help African nations prevent this slow-burn problem today becoming a major crisis tomorrow. ",{"data":2571,"content":2572,"nodeType":84},{},[2573,2578],{"data":2574,"marks":2575,"value":2577,"nodeType":88},{},[2576],{"type":534},"Benefit 2: Expanding pension coverage can support capital market development",{"data":2579,"marks":2580,"value":329,"nodeType":88},{},[],{"data":2582,"content":2583,"nodeType":84},{},[2584],{"data":2585,"marks":2586,"value":2587,"nodeType":88},{},[],"This point was made repeatedly throughout the conference. Expanding funded pension systems on the continent would help develop local capital markets and mobilise domestic resources. ",{"data":2589,"content":2590,"nodeType":84},{},[2591],{"data":2592,"marks":2593,"value":2594,"nodeType":88},{},[],"By pooling individual savings in collective investment vehicles, pension funds can invest more efficiently than individual investors. Research has shown that institutional investors achieve higher returns than individual investors. Furthermore, a lot of savings are not invested at all, sometimes due to informal saving, or because cash is held in banks (as is the case in many EU countries too). ",{"data":2596,"content":2597,"nodeType":84},{},[2598],{"data":2599,"marks":2600,"value":2601,"nodeType":88},{},[],"Funded pensions would mobilise these savings for financial markets. This can result in better returns for savers, and therefore higher pensions, as well as helping domestic financial infrastructure to develop and local capital markets to expand. ",{"data":2603,"content":2604,"nodeType":84},{},[2605],{"data":2606,"marks":2607,"value":2608,"nodeType":88},{},[],"However, enabling conditions are crucial for these positive effects to be realised. A forthcoming CPI paper later this year will look at the link between funded pensions, capital market development and economic growth more closely. ",{"data":2610,"content":2611,"nodeType":397},{},[2612],{"data":2613,"marks":2614,"value":2615,"nodeType":88},{},[],"Expanding pension coverage in Africa needs innovation ",{"data":2617,"content":2618,"nodeType":84},{},[2619],{"data":2620,"marks":2621,"value":2622,"nodeType":88},{},[],"Expanding pension coverage in the context of a labour force with such a high level of informality presents unique challenges. ",{"data":2624,"content":2625,"nodeType":84},{},[2626,2630,2637],{"data":2627,"marks":2628,"value":2629,"nodeType":88},{},[],"For formal workers, governments can mandate pension saving and enforce it (at least in most situations). When informality is high, mandating and enforcing are very difficult. Instead, workers need to choose to save. As ",{"data":2631,"content":2632,"nodeType":347},{"uri":687},[2633],{"data":2634,"marks":2635,"value":2636,"nodeType":88},{},[],"our research",{"data":2638,"marks":2639,"value":2640,"nodeType":88},{},[]," has shown, pasting solutions that have worked in high-income countries in the past does not work for most African countries. ",{"data":2642,"content":2643,"nodeType":84},{},[2644],{"data":2645,"marks":2646,"value":2647,"nodeType":88},{},[],"Instead, systems need to be designed with the needs of informal workers in mind. They need to be adapted to their diverse living situations. ",{"data":2649,"content":2650,"nodeType":84},{},[2651],{"data":2652,"marks":2653,"value":2654,"nodeType":88},{},[],"This challenge lies at the heart of the Coller Pension Institute’s mission. We work towards implementable solutions to expand pension coverage. ",[699],{"metadata":2657,"sys":2660,"fields":2671},{"tags":2658,"concepts":2659},[],[],{"space":2661,"id":2663,"type":45,"createdAt":2664,"updatedAt":2665,"environment":2666,"publishedVersion":2668,"revision":123,"contentType":2669,"locale":23},{"sys":2662},{"type":11,"linkType":12,"id":13},"3P6QzjWVkbBtwgiQgWSN4I","2026-07-02T14:15:55.676Z","2026-07-07T11:02:33.727Z",{"sys":2667},{"id":19,"type":11,"linkType":20},37,{"sys":2670},{"type":11,"linkType":51,"id":287},{"type":173,"title":2672,"slug":2673,"date":2383,"featuredImage":2674,"content":2694,"showBanner":697,"relatedArticles":2996},"3 Policies to Support Informal Workers to Save for a Pension","3-policies-to-support-informal-workers-to-save-for-a-pension",{"metadata":2675,"sys":2678,"fields":2685},{"tags":2676,"concepts":2677},[],[],{"space":2679,"id":2681,"type":15,"createdAt":2682,"updatedAt":2682,"environment":2683,"publishedVersion":104,"revision":22,"locale":23},{"sys":2680},{"type":11,"linkType":12,"id":13},"6XyhLTdQykq1LNuHXY3nCL","2026-07-02T14:15:55.570Z",{"sys":2684},{"id":19,"type":11,"linkType":20},{"title":2686,"description":89,"file":2687},"Header 3Policies",{"url":2688,"details":2689,"fileName":2693,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6XyhLTdQykq1LNuHXY3nCL\u002Fd2ea6e9d0d43189244b39dff614c8f73\u002FHeader_3Policies.png",{"size":2690,"image":2691},2046915,{"width":1789,"height":2692},767,"Header_3Policies.png",{"nodeType":73,"data":2695,"content":2696},{},[2697,2704,2711,2729,2740,2747,2754,2778,2786,2804,2811,2818,2841,2856,2863,2870,2894,2919,2932,2958,2965,2975],{"nodeType":84,"data":2698,"content":2699},{},[2700],{"nodeType":88,"value":2701,"marks":2702,"data":2703},"If the global retirement landscape does not change, over two billion people in the world today will retire without access to a pension. Many will have worked in the informal sector (i.e. operating outside of formal employment arrangements and related pension systems) which globally now constitutes more of the global labour force than the formal employment sector. ",[],{},{"nodeType":84,"data":2705,"content":2706},{},[2707],{"nodeType":88,"value":2708,"marks":2709,"data":2710},"In many low- and middle-income countries, less than 1% of informal workers have pension accounts. This is a problem not only because it leaves individuals risking poverty in old age, but it also creates a slow-burn financial crisis with under-funded pensions systems unable to cover an ageing global population. ",[],{},{"nodeType":84,"data":2712,"content":2713},{},[2714,2718,2725],{"nodeType":88,"value":2715,"marks":2716,"data":2717},"Our recent research report, in collaboration with D3P Global, looked at this problem in detail and assessed the initiatives tried in 11 emerging markets and developing economies to boost participation in pensions among informal workers. ",[],{},{"nodeType":347,"data":2719,"content":2720},{"uri":1641},[2721],{"nodeType":88,"value":2722,"marks":2723,"data":2724},"You can read the full report (or summary version) here",[],{},{"nodeType":88,"value":2726,"marks":2727,"data":2728},", but in this blog we summarise three of the most promising innovations highlighted in the report:",[],{},{"nodeType":84,"data":2730,"content":2731},{},[2732,2737],{"nodeType":88,"value":2733,"marks":2734,"data":2736},"1. Save for your pension, get free insurance",[2735],{"type":534},{},{"nodeType":88,"value":329,"marks":2738,"data":2739},[],{},{"nodeType":84,"data":2741,"content":2742},{},[2743],{"nodeType":88,"value":2744,"marks":2745,"data":2746},"Rwanda’s ‘Ejo Heza’ plan for informal workers was introduced in 2018 and has seen world-leading results by encouraging 3.2 million workers to open accounts. A key innovation is the inclusion of funeral insurance – a crucial product in Rwanda given rising burial costs – alongside other benefits such as matching contributions and flexible withdrawal terms. ",[],{},{"nodeType":84,"data":2748,"content":2749},{},[2750],{"nodeType":88,"value":2751,"marks":2752,"data":2753},"The ‘bundled products’ approach merits consideration in other countries. For some workers ‘free’ life, health or accident insurance may motivate them to take out a pension. Even if insurance is not bundled in the pension plan, access to (micro) insurance is important to give informal workers the confidence they can save some money longer term in a pension rather than needing cash to fund a medical emergency in their own or extended family. ",[],{},{"nodeType":567,"data":2755,"content":2777},{"target":2756},{"metadata":2757,"sys":2760,"fields":2767},{"tags":2758,"concepts":2759},[],[],{"space":2761,"id":2763,"type":15,"createdAt":2764,"updatedAt":2764,"environment":2765,"publishedVersion":104,"revision":22,"locale":23},{"sys":2762},{"type":11,"linkType":12,"id":13},"uYDaz3XbsIcTWfnDzFdZX","2026-07-02T14:15:55.578Z",{"sys":2766},{"id":19,"type":11,"linkType":20},{"title":2768,"description":89,"file":2769},"Rwanda",{"url":2770,"details":2771,"fileName":2776,"contentType":315},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002FuYDaz3XbsIcTWfnDzFdZX\u002F895d068cda4c5f269b8319f6e66e217e\u002FRwanda.jpg",{"size":2772,"image":2773},132806,{"width":2774,"height":2775},684,965,"Rwanda.jpg",[],{"nodeType":84,"data":2779,"content":2780},{},[2781],{"nodeType":88,"value":2782,"marks":2783,"data":2785},"2. Auto enrolment, even when there’s no formal employer",[2784],{"type":534},{},{"nodeType":84,"data":2787,"content":2788},{},[2789,2793,2800],{"nodeType":88,"value":2790,"marks":2791,"data":2792},"The introduction of auto-enrolment, where employees automatically contribute to a pension scheme unless they consciously opt-out, has been a powerful way of boosting pension participation in the formal sector. In the UK ",[],{},{"nodeType":347,"data":2794,"content":2795},{"uri":924},[2796],{"nodeType":88,"value":2797,"marks":2798,"data":2799},"for example",[],{},{"nodeType":88,"value":2801,"marks":2802,"data":2803},", the share of employees with workplace pensions increased from around 50% to nearly 80%, in eight years following the introduction of auto-enrolment. ",[],{},{"nodeType":84,"data":2805,"content":2806},{},[2807],{"nodeType":88,"value":2808,"marks":2809,"data":2810},"Auto-enrolment via employers however, cannot, by definition, work for the informal labour force who lack a formal work contract. Yet some developing countries in Africa have adapted the mechanism for informal workers. ",[],{},{"nodeType":84,"data":2812,"content":2813},{},[2814],{"nodeType":88,"value":2815,"marks":2816,"data":2817},"In Ghana, the Ghana Cocoa Board (COCOBOD) launched a national pension plan for over 500,000 farmers that leverages the centralised system those farmers use for selling cocoa beans. The plan automatically diverts 5% of a farmer’s sales from the centralised purchasing arrangements into a pension plan – with farmers receiving a 20% match from the cocoa board. A similar innovation that we label ‘second generation auto-enrolment’, has been seen in Kenya in combination with a youth empowerment programme. ‘Second generation auto-enrolment’ are initiatives that leverage auto-enrolment through an institution that gathers a large group of workers, but is not their employer. 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",[],{},{"nodeType":567,"data":2895,"content":2918},{"target":2896},{"metadata":2897,"sys":2900,"fields":2908},{"tags":2898,"concepts":2899},[],[],{"space":2901,"id":2903,"type":15,"createdAt":2904,"updatedAt":2905,"environment":2906,"publishedVersion":728,"revision":123,"locale":23},{"sys":2902},{"type":11,"linkType":12,"id":13},"6RZ3SOZtvA0OXV6swq95I0","2026-07-02T14:15:55.566Z","2026-07-07T10:56:21.893Z",{"sys":2907},{"id":19,"type":11,"linkType":20},{"title":2909,"description":89,"file":2910},"Malaysia",{"url":2911,"details":2912,"fileName":2917,"contentType":34},"\u002F\u002Fimages.ctfassets.net\u002Fw2h5pt841hyx\u002F6RZ3SOZtvA0OXV6swq95I0\u002F4264e5be7e47b505c347cb6548a8b807\u002FUpdated_CPI.png",{"size":2913,"image":2914},607062,{"width":2915,"height":2916},1214,1678,"Updated CPI.png",[],{"nodeType":2920,"data":2921,"content":2922},"heading-4",{},[2923,2929],{"nodeType":88,"value":2924,"marks":2925,"data":2928},"No silver bullet",[2926,2927],{"type":326},{"type":534},{},{"nodeType":88,"value":329,"marks":2930,"data":2931},[],{},{"nodeType":84,"data":2933,"content":2934},{},[2935,2939,2946,2950,2954],{"nodeType":88,"value":2936,"marks":2937,"data":2938},"While all three ideas are strong, another clear message from our ",[],{},{"nodeType":347,"data":2940,"content":2941},{"uri":1641},[2942],{"nodeType":88,"value":2943,"marks":2944,"data":2945},"full research",[],{},{"nodeType":88,"value":2947,"marks":2948,"data":2949},", was that ",[],{},{"nodeType":88,"value":2951,"marks":2952,"data":2953},"there is no one size fits all",[],{},{"nodeType":88,"value":2955,"marks":2956,"data":2957}," approach to increasing informal sector pension participation. 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We emphasise the role of financial incentives in encouraging workers to save for retirement. Our results show that tax incentives alone are unlikely to attract a large number of informal sector workers, and that additional incentives such as matching contributions, bundling with insurance, or ‘second generation’ auto-enrolment are necessary. A second wave of pension programmes using some of these incentives has shown signs of success in a select number of countries. 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